By waiting until after Fitch downgraded Greece, S&P has had the advantage of being able to react to the moves made by the Greek government to counter the fiscal crisis. The fact that they downgraded and expressed doubts that Greek will take the sustained efforts needed to reduce the countries debt burden is a further blow Greek fiscal credibility.
EUR/USD has fallen back to the mid-1.4530s after the downgrade and comments.
Just crossing the wires are comments from officials from Dubai vowing greater transparency from this date forward. Uh huh.