S&P downgrades nine eurozone countries; Austria loses AAA

Standard & Poor's has downgraded the credit ratings of a raft of eurozone nations including Italy, Spain and Portugal as well as stripping France and Austria of their AAA status.

S&P has cut Italy by two notches, from A to BBB+, and placed it on a negative outlook, while Spain is downgraded by two notches from AA- to A. Slovakia, Slovenia and Malta have suffered cuts of one notch. The ratings agency has also downgraded Portugal and Cyprus to junk status, but has affirmed long-term ratings on Belgium, Estonia and Ireland. S&P's latest action has left just four European nations as members of the AAA-club. These are Germany, which had its stable outlook affirmed, Luxembourg, the Netherlands, and Finland. With the downgrade of Austria, Germany is now the sole A...