no one knows which market which agency directs of the other whether one country's poor panic over sovereign debt or cynical speculation leads to a poor rating whether a good rating 
No one knows which market or which agency directs the reactions of the other; whether one country's poor rating triggers panic over sovereign debt, or whether cynical speculation leads to a poor rating; whether a good rating has an impact on certain assets being held onto or whether, because they are good and one wants to hold onto them, the assets are rated favourably.
No one knows which market which agency directs of the other; whether one country's poor panic over sovereign debt, or cynical speculation leads to a poor rating; whether a good rating has impact on certain assets being onto or whether, are good and wants to hold onto them, the assets are rated favourably.