http://www.bondbuyer.com/news/regionalnews/rating-agencies-wait-for-illinois-supreme-court-pension-review-1068223-1.html

Comment: Keep in mind that the ratings agencies have been late to, or missed, every major financial crisis in recent memory. They are paid by the bond issuers — in this case, the state of Illinois. That means they live by a simple rule: Don’t rock the boat.