Ratings agencies back on form?

Comment: Standard & Poor's Greek downgrade shows value is still placed with ratings agencies

Does Standard & Poor’s decision to downgrade Greek bonds to junk, with a negative outlook, mark a return to form for the credit-ratings agency, following years in the wilderness?

The capital markets have taken S&P's viewpoint just as seriously as in May 2005 when S&P led the way in a similar downgrading of bonds issued by Ford and General Motors.

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