
BBC World News America opening January 13, 2011, day when France lost its AAA credit rating. France has lost its top AAA credit rating from Standard & Poor's and eight other eurozone governments have also been downgraded by the ratings agency. Italy, Spain, Cyprus and Portugal were cut two notches, with the latter two given "junk" ratings. Germany kept its AAA rating, and with a stable outlook. S&P blamed the failure of eurozone leaders to deal with the crisis, or even diagnose its causes correctly. Rumours of S&P's move prompted stock markets to fall earlier in the day. Misdiagnosis Austria, like France has lost its top AAA rating, and been downgraded to AA+. Its economy exports a lot to recession-struck Italy, while its banks are facing losses on subsidiaries they own in financially troubled Hungary. S&P's rating of Italy - currently at the epicentre of the crisis - has been cut two notches from A to BBB+. Spain was also cut two notches from AA- to A, as was Portugal, whose rating fell from BBB- to a "junk" rating of BB - indicating a very high level of risk for lenders. www.bbc.co.uk www.bbc.co.uk BBC © 2012
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