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S&P Downgrades The Credit Of Nine European Countries, Including France

Standard & Poor’s downgraded the credit of nine European countries. Cyprus, Italy, Portugal, and Spain were downgraded by two notches, while Austria, France, Malta, Slovakia, and Slovenia were downgraded by one notch.

“Today’s rating actions are primarily driven by our assessment that the policy initiatives that have been taken by European policymakers in recent weeks may be insufficient to fully address ongoing systemic stresses in the eurozone,” S&P said in its announcement.