This paper analyzes the roles played by the three dominant credit rating agencies - Standard& Poor´s, Moody´s and Fitch Ratings in contributing to - and aggravating - the subprimecrisis. Criticisms levelled against these agencies, the facilitating role played by the regulatingagencies, the insider stories from these agencies that conflict with the vigorous defence putup by the leadership of these agencies in trying to clear the good names of their firms, are allput under the microscope. Finally, reforms and changes are suggested in the functioning andregulation of these much-harangued credit agencies.