Ratings agency Standard & Poor's has downgraded the government debt of France, Austria, Italy and Spain, but maintained Germany's at the coveted "AAA" level.
The cuts, which eliminated France and Austria's triple-A status, deal a heavy blow to the currency union's ability to fight off a worsening debt crisis. In total, S&P cut its ratings on nine eurozone countries.
France and Austria both dropped one notch to AA+. Italy was lowered by two notches to BBB+ from A, and Spain fell to A from AA-. Portugal and Cyprus also dropped two notches. The agency also cut ratings on Malta, Slovakia and Slovenia.
http://www.usatoday.com/money/world/story/2012-01-13/france-credit-rating-cut/52533684/1
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