"The world does take notice because it means that according to the ratings the respective countries face financing charges through interest rates, example on their bonds. This directly reflects in their budgets and resultant debt."

Ofcourse, that is true. In Germany a lot of people are furious and say that S&P is being used as a political tool, for instance to keep the pressure on Europe and in that way keeping the very similar situation in the US out of the spotlight. I think that the rating agencies are very arbitrary in their approach and are playing a very dangerous game. If they are directly working for certain connected money interests, this is even more serious. If it were up to me, I would like to send the FBI into the offices of the rating agencies to find out who is actually pulling the strings there.