Do ratings agencies like Moody self sustain on the psychology of the people who listen to them? People who take them seriously factors them into their decisions

Do ratings agencies like Moody self sustain on the psychology of the people who listen to them? People who take them seriously factors them into their decisions. People who don't take them seriously has to still factor them into their decision because of the people who do take them seriously. There might be some kind of tipping point where the amount of people who do not believe their ratings triggers a downward spiral in confidence?