Moody's lowers EU rating outlook to 'negative'

Didn't Moody also give AAA ratings to those junk bonds that triggered the housing crisis? I think all the rating agencies did?<p>So why are we listening to them again?

What kind of organization is Moody's? Who watches them? Who made them qualified to issue ratings? Are they accountable for their ratings? Why would anyone listen what they say?

I think they're right. The EU as it stands today will certainly add to a deeper new recession. However: They are highly selective in their ratings. They focus on the EU and seem to 'forget' the US (and Great Britain). Both are also deeply in debt and both have no plans to even reign in their spending.