20110920 S&P cuts Italy credit rating. They just passed an austerity package, now they cut the rating in early hours of Asian trading. Basically underlies the fact that S&P are a bunch of assholes, expressing stupid untimely opinions and working for the syndicates.

These are the same ratings agencies who gave AAA rating to the CDO (Collaterised Debt Obligations) that were the root cause of the GFC, and the loss of many investors' funds as the CDO ended up worthless...