New York: Standard & Poor’s (S&P’s) Ratings Services have announced to cut the 3A-rating of France and other European countries including Spain and Italy due to non-address the region’s debt problems.
According to the S&P’s statement, France, along with Austria, was downgraded by one notch from its gold-plated 3A to AA+ while both Spain and Italy were cut by two notches to A and BBB+ respectively.
The S&P’s also decided to lower the long-term ratings on Cyprus and Portugal by two notches, the long- term ratings on Malta, Slovakia and Slovenia by one notch.
“The political agreement does not supply sufficient additional resources or operational flexibility to bolster European rescue operations, or extend enough support for those eurozone sovereigns subjected to heightened market pressures,”the rating agency added.
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