I ask the dog (market) to wag the tail (credit rating) not other way round.

As for Greece - beliefs that some nice aunty will back your cooked books full of debts is irrational to say the least.

If they play fairly than many developing nations's credit ratings should be in the junk category.

Yet, even after IMF bailouts they still enjoy A ratings from rating agencies.

So can be only one solution - dump the rating agencies for all purposes.

And, one more thing - I did not ask to "upgrade the debt" of developing nations as you said before. I asked for fair play and reflection of market conditions, not irrational "beliefs".