What are the three credit rating agencies, Standard & Poor’s, Moody’s, and Fitch – 95 percent of the rating “industry” – about? Not very transparent, yet “Standard & Poor’s: silent but deadly” (El País, 16 Jan 2012), stimulates some reflections. The agencies are US, which goes well with the tendency of the USA to sit in judgment of other countries. It also goes well with something more dangerous: the tendency of other countries to take that judgment seriously. The new prime minister of Spain said he needed no lecturing (from the agencies) on the Spanish economy; but the downgrading shook Spain. Why does Europe not have its own agencies, rating all 50 US states, for instance, like US agencies rate EU members?