S&P downgrades credit of 9 E.U. countries

http://www.washingtonpost.com/business/economy/france-loses-aaa-in-euro-downgrade/2012/01/13/gIQAxALzwP_story.html

Standard & Poor’s downgraded the credit ratings of France and eight other European nations Friday, further weakening the region’s finances and potentially raising costs for governments at time when they already face a debt crisis.

The downgrade robs France of its prized AAA rating, despite vows by the French government to defend its pristine standing through recent measures to cut spending and raise taxes.