Who do they think they are?

Having much argued for that the bank regulators should give the banks more time to adapt their capital requirements when there is a systemic downgrading going on of course I would agree with that the monoline insurers should be given some time to improve their capital position so as to avoid a downgrading, as stated in Gillian Tett´s and Saskia Scholtes´ “Bond insurers act to keep their rating” November 19. My question though is about who on earth gave the credit rating agencies these type of power to stay the execution of a downgrading and who is responsible for what happens during the stay? It would really seem that the credit rating agencies are moving up from being mere opinion makers to policy makers.