See the way they did not consider any effect in reducing credit risk in Europe as a result of the important decisions on the EFSF and ESM. Ratings are supposed to reflect all available information in a forward-looking manner, and this should include a proper assessment of such decisions.
Our contributions as regulators and supervisors of financial institutions to financial stability are seldom recognized. But we always hit the news headlines when all the sins of an ailing or a failed financial institution are conveniently heaped on us.