Because when the ratings agencies are pissing on each other, they are not pissing on the rest of us:

In a report that could equally have been written about its own prospects, S&P credit analyst Emile Courtney laid out a grim picture for rival ratings agency Moody’s saying it costs would likely rise, margins fall and litigation risks multiply.

Moody’s short-term debt has been placed by S&P on its CreditWatch list with a ‘negative watch’ outlook, meaning there is a more than 50pc chance its bonds could be downgraded.

Seriously, we need to obliterate fix the ratings agencies, sooner rather than later.