"I - it's simply not for me to evaluate an independent rating agency's processes. But I will say that there was reason to be anxious - absolute reason to be anxious"

In this quote, Jay Carney is expressing his opinion on the procedures of an independent ranking company. He is not willing to examine the firm's processes, however he does acknowledge that there was reason to be distressed. This suggests that Carney thinks that the agency's procedures may not have depended on standard, and that people had a right to be concerned. Carney's statement suggests that he is not willing to make a conclusive judgement on the agency's procedures, but that he does believe that there was cause for alarm. This might be interpreted as a cautioning to the company to take actions to improve their procedures, or else deal with further examination.