the business of credit rating agencies

world financial market ,in today scenario, much depends upon world rating agencies. the three rating agencies which dominated the ratings (AAA,AA etc...) are moody's,standard and poor's (earlier called standard statistical)&fitch (owned by fimalac). After downgrading of us rating by S&P,eyebrows is being raised on the rating agencies. the credentials of their rating is being questioned. Today, the credit rating agencies are not following the buyer model which they did in early 70s.an important to note is that all the rating agencies belong to publisher copanies like mcgraw hill. the person behind the rating are not financial expert but common clerck who do daily routine work and withought analyzing the bond health in terms of ytm face value, premium to discounts, its risk level ,the rate the bonds. credit rating agencies are deeply entrenched into the finacial world market. they need proper government regulations prior to rating.A rating is essentially an opinion and is fraught with caveats galore: Standard & Poor’s warning at the end of every rating- “any user of the information contained herein should not rely on any credit rating or other opinion contained herein in making any investment decision” . do not you think it is an irony in itself.