What that means is - the credit rating system as it exists today will continue to exist, with a few tinkers here and there. Rating agencies are govt created monopolies with unregulated pricing power.
Ratings are a way for investors to outsource the blame of their stupidity on others (the rating agencies). HSH Nordbank investment managers would have told their superiors - "But I invested in AAA" - and they wouldn't have been fired. Such a cool way to protect the downside and get the bonus on the upside.
This is worse than tobacco - in tobacco everyone now knows the harm caused by the product.
Disclosure: Long Crisil.