credit rating

Standard & Poor's has said it may downgrade the European Union's AAA rating and make further cuts to eurozone banks' credit ratings if a review of eurozone countries prompts mass sovereign downgrades.

Hungary has lost its investment grade credit rating from Moody's after the country went cap in hand to the International Monetary Fund (IMF).

The European Commission (EC) has proposed a crackdown on ratings agencies such as Standard & Poor's (S&P) and Moody's which would see them held accountable for mistakes and ensure they followed stricter rules.

Credit ratings agency Moody's has given the European Financial Stability Facility (EFSF) 10-year €3bn benchmark bond an Aaa rating.

The US is set to see another ratings agency strip it of its AAA-credit rating by the end of the year, Bank of America Merrill Lynch has predicted.

Ratings agency Moody's has slashed Italy's credit rating, piling more pressure on the beleaguered eurozone.

France's AAA credit rating is "stable" said ratings agency Standard & Poor's, a week after rumours hit the market the country is facing a downgrade.

THE THREE MAJOR ISSUES FACING THE US

Bank of America's share price fell by 20% as US financials were routed in Monday trading over growth fears and S&P's downgrade of the US credit rating.

Credit rating agencies should not be blamed for intensifying the debt crisis in Europe, according to a House of Lords committee.