Ah yes, the latest monster from across the wide, deep oceans... In the twenties, Mussolini made the trains run on time. In the thirties and forties, it was, depending on who and when you talked to them, Hitler or the Bolsheviks. In the fifties and sixties, especially after Gagarin, it was the Bolsheviks. In the seventies, the Arabs. In the eighties and some of the nineties, the Japanese. Then for a while, nothing. Now, it's the Chinese, and when they aren't the big bad monster from across the sea, it's the Arabs - and the Pakis, and ... well, whoever else points at Mecca when they're praying. I've been around a long time (since Gagarin, and John Glenn as the answer to Gagarin) and watched all this stupid crap come and go. It'll never end, just like bottomless stupidity never ends.
I am surprised anyone cares what S&P says about anything, considering their epic failures of late. The great S&P braintrust rated subprime triple-A, and (publicly) had no clue that might be a problem with that. "Oh, our ratings are just opinion..." You would think after such a monumental screw-up there would be consequences, but I guess not. The news still reports what they say as though it mattered. We at ET all know they are Goldman-Sachs bitch. I wouldn't trust them to rate the quality of cat food. A couple lines of arithmetic, however, demonstrates that they happen to be aligned with reality. Presumably by accident.