Standard & Poor's

We are a global leader in credit ratings and credit risk analysis, with ratings on approximately US$ 32 trillion of debt issued in 100+ countries. We analyze issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. We also provide insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

Leader in credit ratings and credit risk analysis?
Provide insight into the credit risk of "structured finance deals"?
BWAHAHAHA. Who could possibly believe these hacks.

They have an entire site dedicated to Subprime damage control.
S&P's Views on Subprime and Bond Insurers

Mark this date on your calendars: 2008-03-13
Lets check back on their prediction, regularly.
S&P forecasts end is near for asset write-downs
NEW YORK - Wall Street recovered from an early plunge Thursday to trade higher after Standard & Poor's predicted financial companies are nearing the end of the massive asset write-downs that devastated the stock and credit markets for months.

The S&P projection gave investors some optimism that the seemingly unrelenting fallout from the mortage and credit crisis might indeed come to an end. Standard & Poor's Ratings Services estimated that writedowns of subprime asset-backed securities could reach $285 billion globally, up from a previous $265 billion projection. Still, S&P's statement that "the end of write-downs is now in sight for large financial institutions" gave investors some hope.
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2008-03-14: Bear Stearns Has Credit Ratings Slashed (1 DAY LATER!!)
Standard & Poor's lowered the securities firm's long-term counterparty rating three levels to BBB after Bear Stearns said it obtained financing from JPMorgan Chase & Co. and the New York Federal Reserve. Moody's cut the rating two steps to Baa1 and Fitch Ratings reduced the firm four levels. All three firms are reviewing their ratings for another cut.