There has been quite some discussion lately about the supremacy of the US rating agency, and why there should be a European rating agency to counter that. Many politicians over the EU even argued that this agency would rate less aggressively Greece and other countries with debt difficulties.
So let me try to get it straight... A European rating agency wouldn't do much for Greece and similar European countries, where it couldn't pretend the least independence. But it would have already downgraded the US.
This post is building on a tweet from a few days ago.