S&P cuts credit ratings for France, Italy, Spain
Ratings agency Standard & Poor's dealt a setback Friday to Europe's ability to fight off a worsening debt crisis by downgrading the government debt of France, Italy, Spain and Austria. But it kept Germany's at the coveted AAA level.
The rating agency ended France and Austria's triple-A status. It also lowered Italy's and Spain's by two notches and did the same for Portugal and Cyprus. S&P also cut ratings on Malta, Slovakia and Slovenia. (AP)
