We couldn’t resist taking this shot at the late-Friday news that Fitch downgraded Spanish debt to AA+ from AAA, which left us dazed and confused. Why did this ratings agency decide to release this on the Memorial Day weekend when the markets were thin and subject to a very volatile reaction? This decision is not of consequence as S&P downgraded Spanish debt in April. Could this ratings release not have waited until Tuesday when the markets were back at full strength and had deeper liquidity? Would Fitch’s reputation have suffered if they had waited another few days to make this inconsequential change?