The New York Times
Friday, January 13, 2012 -- 5:03 PM EST
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S.&P. Cuts France's AAA Rating, Affirms German Credit and Reduces Portugal to Junk Status
Standard & Poor's Corp. on Friday stripped France of its sterling credit rating, cut Portugal's credit to junk status and downgraded Italy's debt by two steps in a wide-ranging action revision of European countries caught in the euro crisis.
The actions were the strongest signal yet that Europe's sovereign debt woes were far from over and would pose fresh political challenges for politicians, including President Nicolas Sarkozy of France, as they try to stabilize the problem on the Continent, now in its third year.
A downgrade by a single ratings agency would have an immediate, though not devastating, impact on the countries' ability to borrow money. S.& P. warned in December that the agency was reviewing the credit ratings of 15 European Union countries because of the crisis. Germany and the Netherlands, which were on the original list, were not expected to receive a downgrade Friday, news agencies reported.
Read More:
http://www.nytimes.com/2012/01/14/business/global/euro-zone-downgrades-expected.html?emc=na
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