Standard and Poor's said Friday it had downgraded France's top AAA rating by one notch to AA+, with a negative outlook, while leaving European powerhouse Germany unchanged at AAA, stable.
S&P also downgraded Italy by two notches to BBB+, negative outlook, with Spain cut two notches to A, negative outlook, as part of a major overhaul of ratings on 16 of the 17 eurozone nations, with Greece excluded.
S&P said its rating actions reflected its view that "the policy initiatives taken by European policymakers in recent weeks may be insufficient to fully address ongoing systemic stresses in the eurozone."
S&P, one of the top three global ratings agencies, said it cut its long-term ratings on Cyprus, Italy, Portugal and Spain by two notches.
Austria, France, Malta, Slovakia and Slovenia were cut one notch while Belgium, Estonia, Finland, Germany, Ireland, Luxembourg and the Netherlands all had their ratings affirmed.
Overall, seven eurozone countries had their ratings confirmed while nine were downgraded.
Read more: S&P downgrades several countries http://www.btimes.com.my/Current_News/BTIMES/articles/20120114100529/Article/#ixzz1jOp24b3Z
S&P also downgraded Italy by two notches to BBB+, negative outlook, with Spain cut two notches to A, negative outlook, as part of a major overhaul of ratings on 16 of the 17 eurozone nations, with Greece excluded.
S&P said its rating actions reflected its view that "the policy initiatives taken by European policymakers in recent weeks may be insufficient to fully address ongoing systemic stresses in the eurozone."
S&P, one of the top three global ratings agencies, said it cut its long-term ratings on Cyprus, Italy, Portugal and Spain by two notches.
Austria, France, Malta, Slovakia and Slovenia were cut one notch while Belgium, Estonia, Finland, Germany, Ireland, Luxembourg and the Netherlands all had their ratings affirmed.
Overall, seven eurozone countries had their ratings confirmed while nine were downgraded.
Read more: S&P downgrades several countries http://www.btimes.com.my/Current_News/BTIMES/articles/20120114100529/Article/#ixzz1jOp24b3Z
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