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Moody's Downgrades Six European Nations


Moody's has warned that it may cut the triple-A ratings of France, the United Kingdom and Austria. -

Moody's has warned that it may cut the triple-A ratings of France, the United Kingdom and Austria. -

The rating agency Moody's has downgraded six European nations, citing growing risks from Europe's debt crisis.

Moody's cut by one notch the ratings of Italy, Portugal, Slovakia, Slovenia and Malta and downgraded Spain by two notches.

Moody's also warned it may cut the triple-A ratings of France, the United Kingdom and Austria amid worries about Europe's ability to undertake the kind of reforms needed to address the crisis and the amount of funds available to fight it.

The announcement came a day after Greece's parliament approved a deep new round of budget cuts in the hope of securing additional bailout funds and avoiding a debt default in March.

Compiled from agency reports
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