S&P is a creature of a magazine publisher. It fills the "news hole" so their flyers don't look to be little more than weekend advertisers.
Oh, yes there is. You're looking at it from the standpoint of an individual investor who doesn't particularly care what happens in the EU. That's perfectly justified, by the way.
The news is that they're warning Merkel (and the German people) that they're on to her scam. Guaranteeing the debts of the PIIGS, even though it will result in increased German political power, will seriously weaken Germany economically.
It's like Texas deciding to guarantee the deficits of New York and California. No matter how strict the Texans get, the coastal libs will only be encouraged to spend more. This throws an interesting new monkeywrench into the process.
And, yes, look for much huffing from Brussels about silencing the ratings companies -- all for the common good, of course.