France, Austria face credit rating downgrade

Updated: January 14, 2012 13:01 IST

Standard & Poor’s downgraded the credit ratings of nine eurozone countries, stripping France and Austria of their coveted triple-A status but not EU paymaster Germany, in a Black Friday 13th for the troubled single-currency area. Standards and Poors, in a statement has said that, “The rating actions are primarily driven by our assessment that the policy initiatives that have been taken by European policy-makers in recent weeks may be insufficient to fully address ongoing systemic stresses in the eurozone.”

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