Rating Agency Flip-Flops

In late August Standard & Poors cut its rating for Irish soverign debt:


2 weeks later S&P’s chief economist is of the view that we’re on the way back:


What a turn-around…..!

Do we go on bended knee to thank the Agency?

(Who invested such power in the Agency and who holds it fo account for all the poor ratings of the last 10 years…?)