credit rating agencies and their influence on crisis

Credit ratings have a significant impact on the functioning of markets and the confidence of investors and consumers, investors using them to assess credit risk. Having a major role in the proper functioning of financial markets, it is vital for these rating agencies to operate in a manner more objective and credible as possible. In the world there are several rating agencies, but in reality counts only 3 (The Big Three): Moody's, Standard and Poor's and Fitch, who account for almost 95% of the market. Rating agencies have been the subject of intense criticism because of the role they have had in the trigger of financial crisis. Given that the major rating agencies are American, the U.S. having a particular interest in the euro area can raise the question whether this wave of downgrades is not a part of the scenario under which the U.S. has managed to export its own crisis around the world.