Europe, Credit Rating | featured news

Monday's euro-zone downgrade warning by Standard & Poor's Ratings Services is a muscular move by a firm that was pilloried for its supposed laxity in the financial crisis. S&P put the long-term sovereign-debt ratings of 15 euro-zone nations, including struggling Italy and Spain, on negative watch. That typically means there is at least a 50% chance of a downgrade within 90 days, but the firm said Monday that it expected to announce any rating changes "as soon as possible" following this week's European Union summit, where policy makers are expected to lay out plans to enforce stricter budget rules.

Stock indexes gave back some of their gains Monday and the euro turned lower against the dollar following a report that Germany and five other major European nations could risk having their credit ratings downgraded.

Rating agency Fitch downgraded Portugal's rating to junk status on Thursday, citing large fiscal imbalances, high debts and large fiscal imbalances.

Moody’s Investors Service downgraded Spain’s credit rating Tuesday and warned that France’s rating could also be at risk, citing both nations’ vulnerability as Europe struggles to manage its persistent debt crisis.

Fitch on Friday cut Spain's credit ratings by two notches, just a few minutes after downgrading Italy, saying the intensification of the euro zone debt crisis has had a negative impact in the entire region.

Moody's Investors Service on Tuesday cut Italy's bond ratings by three notches, saying it sees a "material increase" in funding conditions for euro zone countries with high levels of debt.

Italy's sovereign debt rating cut by Standard & Poor's, the latest move in a deepening and continuing European debt crisis.

European stock futures declined Wednesday as Moody’s Investors Service downgraded Societe Generale SA and Credit Agricole SA and Chinese Premier Wen Jiabao said developed nations should not rely on China to bail them out. U.S. futures and Asian shares dropped.

Standard & Poor's head of France said on Thursday that the agency was confident of maintaining France's AAA credit rating unchanged with a stable outlook.

Standard & Poor's cuts Greece's credit rating, saying eurozone plans to restructure the country's debts would constitute a default.