◼ "Today's rating actions are primarily driven by our assessment that the policy initiatives that have been taken by European policy makers in recent weeks may be insufficient to fully address ongoing systemic stresses in the euro zone," S&P said in a press release announcing the downgrade. - CNBC
Standard & Poor's downgraded the credit ratings of nine euro zone countries, stripping France and Austria of their coveted triple-A status but not EU paymaster Germany, in a Black Friday 13th for the troubled single currency area.
The credit-rating agency put all 14 euro-zone nations — Austria, Belgium, Cyprus, Estonia, Finland, France, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovenia, and Spain — on "negative" outlook for a possible further downgrade.
Germany was the only country to emerge totally unscathed with its triple-A rating and a stable outlook.
◼ Downgrade of Debt Ratings Underscores Europe’s Woes - NYT
◼ S&P Cuts Ratings on France, Italy, Other European Countries - FOX Business
