What I really want above all else is for credit rating agencies to not face pressure to rerate them favorably because they’re deemed too big to fail.
We learned this lesson the hard way twenty years ago. If we let them invest in dogshit, and the credit rating agencies allow them to, they will.
When institutional investors lose, they’re not really risking their own money. They’re risking yours, or at least your cousins or your neighbors.
They can lobby all they want but until we see ratings agencies bending to their lobbying in the face of extreme scrutiny from anyone who would buy these corporate bonds I wouldn't go about worrying too much.
Now is when you make sure that the agencies are scrutinized before they give out inflated ratings, and make sure that this nobody agency's ratings aren't enough to get the stuff sold where it could do real damage.
You don't wait until the baby is drowning to worry, you worry when he's stumbling around next to the pool. Even then, you've gotten involved way later than you should have been.