European rating agency wouldn't have credibility

EXACTLY! I said this last week...

EUROPE'S sovereign debt crisis worsened seriously during last week as the inadequate European policy response fumbled on. The ratings agency Moody's downgraded Portuguese government debt to junk status on Wednesday, which renders pretty implausible the notion that Portugal will be able to sell bonds again for the foreseeable future. Everyone (except the fumblers) has already given up on Greece and both Portugal and Ireland are edging ever closer to the same fate.