Ratings agency Standard & Poor’s on Friday announced the downgrade status of seven countries including France, Austria, Italy and Spain.
With France and Austria losing their triple-A status’ analysts worry that the country will have a hard time fighting off a worsening debt crisis.
In worse condition was Italy who was lowered two notches to a BBB+ rating from their former A rating. Spain also nearly fell out of A rating territory with its rating falling from AA- to A.
Also downgraded by two notches were Portugal and Cyprus, while the S&P also cut ratings for Malta, Slovakia and Slovenia.
The downgrade comes at a time when Greece’s massive debt has brought the country to the brink of collapse with talks on Friday heating to a near boiling point.
In the meantime Germany was able to maintain the coveted AAA level. As I reported earlier in the week Germany has seen a market boom in recent years and the country’s top company’s continue to look for new employees at record hiring rates. In fact many of the world’s top company’s have continued to scout out Germany workers for expansion purposes. German unemployment is currently at an all-time low and conditions continue to look promising in the country.
Do you think France and the rest of the countries listed in this report deserved to receive a Standard & Poor’s downgrade?