At the request of Germany and France, more discretion and flexibility was added to the surveillance procedures. This turned out to be to the detriment of the Pact. It weakened the Pact considerably. At that time, the ECB expressed serious concerns about the negative effect of these reforms on the functioning of EMU.
In the case of GGIL, the ratings were due to the support and commitment of the parent company (GHL), its historical profitability and its adequate capitalization. You would notice the words “adequate capitalization” featuring in both cases. These words add even greater significance to the agreement we celebrate today.