Critics complain the agencies have lost their ability to independently judge the risk on certain investments -- especially in light of AAA ratings given to mortgage-backed securities that imploded when defaults on U.S. home loans shot up , triggering the financial crisis . Greece 's debt rating lowered to junk status , Italy and Spain also drops . Decision by Standard & Poor 's as an easy sell - off . Critics say the eurozone economies are n't acting fast enough to avert crisis .
Greece 's debt rating lowered to junk status , Italy and Spain also drops . Decision by Standard & Poor 's as an easy sell - off . Critics say the eurozone economies are n't acting fast enough to avert crisis .