S&P set to downgrade Spain, France, Portugal, Italy
Euro-zone member countries have been under review since December
Standard & Poor's was poised on Friday to announce a downgrade of Spain's sovereign rating along with those of France, Italy, Portugal and Austria, according to sources close to the decision.
S&P had placed the ratings of euro-zone member countries under review for possible downgrade in December, citing increased systemic stresses in the single-currency bloc as a whole that had put downward pressure on its credit standing. The review took place after a European Union summit meeting failed, in S&P's opinion, to fully address the problems facing the bloc.
The sources said Spain, Italy and Portugal's ratings are expected to be cut by two notches, leaving them at A, BBB+ and BB respectively. Both France and Austria will lose their triple-A status and will be downgraded to AA+.
French news agency AFP quoted a source as saying that S&P left Germany, Luxembourg and the Netherland's maximum ratings intact.
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