(CNN) -- The political infighting in Washington took on global importance Thursday when the ratings agency Standard & Poor's released a report saying it would downgrade the world's largest economy's credit rating if a deal to raise its debt ceiling is not agreed on soon. This comes after similar warnings from Moody's and Finch -- who, along with S&P, are known as the "Big Three" global credit ratings agencies. Meanwhile, European Union markets reeled this week after Moody's recent credit downgrades of Ireland, Greece and Portugal -- heightening fears that the EU debt crisis will hit the larger economies of Italy and Spain.
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"Big Three" are Standard's & Poor's, Moody's Investor Services and Fitch Ratings
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Rating agencies downgrade pressure felt this week from Washington to Rome
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Critics on both sides of the Atlantic say the agencies have too much power
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Agencies say they only give opinions on credit; choices ultimately up to investors
The downgrade of @placeholder this week signaled Moody's belief that Ireland has a higher likelihood to default on investments.