What If They Lowered Ratings And Nobody Cared?

Two days ago, Standard & Poors lowered Spain's credit rating. Yet in the two days that followed Spanish bond yields have fallen, from 5.80% to 5.625% for the 10-year bond and from 3.27% to 3.076% for the 2-year bond. This is almost certainly due to other factors, but it also illustrates that credit rating institutes have increasingly lost their relevance. Which is a good thing since they don't deserve such relevance.