15 EU Nations Get Credit Downgrade Warning
Published / Last Updated on 05/12/2011
15 EU Nations Get Credit Downgrade Warning.
Standard and Poor’s (S&P’s) has put nearly all of the eurozone on “credit watch” due to fears over the debt crisis. This means that 6 countries with top AAA ratings would have a 50% chance of seeing their ratings downgraded.
Analysts believe that S&P's move reflects uncertainty about what would happen if a larger eurozone country - such as Italy was to default in the future.
S&P’s move has had an impact on the financial markets - the Dow Jones index closed up 78.4 points having lost ground from far stronger gains earlier in the day. The euro fell 0.5% against the dollar to $1.338.