Who to trust?

I know I'm not that good at reading company financial reports yet. Hence I've since learned to rely on some indicators, namely the acclaimed research analysts to help me. Often companies listed on the US stock exchange would be given ratings. Some prestigious analysts rating include Morningstar, Standard & Poor and Moody's. Companies are graded on their financial performances, such as profit, future outlook, financial health.

Back in the good old days not that long, these ratings are really popular as part of an indicator for investors especially those who favours fundamentalism. But it seems things are changing very quickly.

http://www.bloomberg.com/apps/news?pid=20601039&sid=at5FqZ7Gr0nw&refer=home

The few companies mentioned in the article, including GM (yah, the almighty auto company) is given the highest rating by Moody's despite the hugely proportionally imbalance liability to asset ratio. Now, this really puzzled me. How can a source of analysis actually giving unrealistic ratings? I mean, am I assuming now those analysts are now basing their conclusions on the setting of the good old times? Are they still out of touch with the frantic, panic of the market? It's just unbelievable!!

Stop giving misleading info at this crucial moments!! Or I'm just paranoid? Do I still trust those guys with Zagna suits to provide insightful info anymore?