Greece in "Selective Default" - Really Captain Obvious?

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So, it looks like S&P has cut Greece's rating to "Selective Default"
To which, all I have to say is Could you possibly be later to the party?  Seriously, as Barry Ritholz points out
When a borrower informs their lenders that they will a) Not be repaying the full loan amount; and b) Not making those reduced payments on time — they are technically in default. When they then  fail to make the full payments on time, they are actually in default
Everybody has known for at least 6 months (you could argue for 2 yrs) that Greece was not going to be repaying the loan amounts on time.  Everybody!.

Brings up the obvious question - does anybody even care about the ratings agencies any more?
Anyone?
Bueller?
Bueller?

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