The big ratings agencies have been blamed for much during the credit crisis, but they hadn’t been raided by any of the countries they’ve threatened with downgrades, until Wednesday.

Now three Standard & Poor’s analysts and one from Moody’s are under investigation by Italian police.

Prosecutor Michele Ruggiero, from the small Italian town of Trani, told CNBC that the four were being investigated.

Legal representatives at the agencies’ Milan office, while they are not held directly responsible, need to be added to the probe according to Italian law.

“The probe was initiated by very specific complaints by consumer groups,” Ruggiero told CNBC.

“Following complaints, prosecutors held consultations with government officials including Finance Minister Tremonti, who all distance themselves from rating actions and warnings by agencies, saying that their judgment does not reflect the fundamentals of the Italian economy.”. . .