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.
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.
Basically when you invest at the peak of the bubble you're going to be hosed.