\u00a0Bloomberg — Moody\u2018s Investors Service cut the debt ratings of six European countries including Italy, Spain and Portugal and revised its outlook on the U.K.\u2018s and France\u2018 s top Aaa ratings to \u201cnegative,\u201d\u009d citing Europe\u2018s debt crisis.<\/p>\n
Spain was downgraded to A3 from A1 with a negative outlook, Italy was downgraded to A3 from A2 with a negative outlook and Portugal was downgraded to Ba3 from Ba2 with a negative outlook,Moody\u2018s said. It also reduced the ratings of Slovakia, Slovenia and Malta.<\/p>\n
\u201cThe uncertainty over the euro area\u2018s prospects for institutional reform of its fiscal and economic framework\u201d\u009d and the resources that will be made available to deal with the crisis, are among the main drivers of Moody\u2018s action, the ratings company said.<\/p>\n
Standard & Poor\u2018s took away France\u2018s and Austria\u2018s top credit ratings last month in a string of \u00a0 downgrades. Investors poured money into the government bonds of nations such as Franceand Austria even after the countries lost their AAA ratings at Standard & Poor\u2018s last month.<\/p>\n
Moody\u2018s also lowered its outlook on Austria\u2018s Aaa rating today to negative outlook. Malta\u2018s rating was downgraded to A3 from A2 and given a negative outlook, and Slovakia and Slovenia were both downgraded to A2 from A1 and given negative outlooks.<\/p><\/blockquote>\n
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