This will piss off the Germans. The Germans are pretty fastidious about paying their debts and now their credit is getting downgraded thanks to the PIIGS. They traded in their DMs for the on life support Euro now they might be forced to trade in their AAA credit for Club Med junk status.
This makes holding Euros as bad as derivatives gone wild!
Although, it is more like Germany unwittingly hiring all the retired Greek civil servants to lounge around the pool.
(This is an inside joke meant for people who were watching the "raters" at Moody's way back when they dropped Japan's sovereign credit rating down to that of Botswana's, infuriating the Japanese government. It also proved to be a singularly silly move on Moody's part; Japan of course will never default on bonds issued in yen — Japan, like any country with its own currency, can issue as much money as they need to pay interest. Indeed, lack of the same flexibility for the members of the EMU is what is causing so many problems in euro-land, including these well-deserved credit rating losses, unlike the Japanese situation.)