How can I sort a list of dictionaries by a value in the dictionary?

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In Python how do I sort a list of dictionaries by values of the dictionary?

I'm writing a Python 3.2 app and I have a list of dictionaries containing the following:

teamlist = [{ "name":"Bears", "wins":10, "losses":3, "rating":75.00 },
            { "name":"Chargers", "wins":4, "losses":8, "rating":46.55 },
            { "name":"Dolphins", "wins":3, "losses":9, "rating":41.75 },
            { "name":"Patriots", "wins":9, "losses":3, "rating": 71.48 }]

I want the list to be sorted by the values in the rating key. How do I accomplish this?