Rating Agencies have a responsibility towards their "clients" but they also have a responsibility towards the companies and countries they judge !!! Must they always publicize their thinking in such a way that destroys companies and countries before they have acted ?
Quiet, confidential information to "clients" is what they are paid for. When they destroy companies and countries with downgrading credit worthiness and publish their "opinion", without giving the reason, they punish others, but they do not suffer if their judgement is not just.
Standard & Poor's have withdrawn publicly the French AAA rating. Will they publish their reasons why, straight away, now ? Or will they wait because they are anticipating that something will happen these coming days with respect to the EURO crisis ? Is that why they have today downgraded the French Credit Rating ?