Why expect S&P, Moody’s, or Fitch to know it's junk when expert musicians can't tell a Stradivarius from a fiddle?

A few days ago I saw a report that the IMF was breaking off negotiations with Hungary regarding a debt package. I knew what was next: a weakening currency and more downgrades. The downgrades came in spades. Bloomberg reports Hungary Hit by Second Debt Downgrade to Junk on Orban’s Policies

On Tuesday of this week, the credit rating agency Moody’s issued this warning (emphasis added):

Bordeaux is spoiled for choice as it unveils the 2010 vintage, its third smash hit in six years, in a week of barrel tastings for wine professionals from around the world."It's liquid beauty," said Denis Dubourdieu, a consulting winemaker and director of the Institute of Vine and Wine Sciences (ISVV) at the University of Bordeaux.In a system unique to Bordeaux, each spring the region's chateaux offer trade-only tastings that kick off the futures -- or "en primeur" -- campaign, in which the wines are offered for sale roughly two years before delivery.

Yesterday, credit rating agency Standard & Poors revised its credit rating outlook on U.S. sovereign debt to "stable" from "negative." In 2011, S&P was the first of the three major rating agencies to strip the U.S. of its AAA rating (currently, it has the U.S. at AA+).

Credit rating agency Standard & Poor’s on Monday upgraded its credit outlook for the United States government to “stable” from “negative,” saying the chances of a downgrade of the country’s rating is “less than one in three.” In August 2011, S&P became the first credit rating agency to downgrade the sovereign U.S. credit rating from top-rated “AAA” to “AA+,” the second highest rating, and had left the U.S. credit outlook at “negative” at that time.

Six Chinese wines vied for medals and a record number of Chinese wine tasters lent their palates to France's largest wine competition held in the southwest of France on Saturday."The Chinese want to know everything about wine -- taste everything, learn how the system works," said Gilles Larrue, spokesman for the 35th edition of the Challenge International du Vin, a Bordeaux."Their participation will open doors for wines from around the world in the Chinese market," he added.