I can not understand what has take the rating agencies so long to down grade France from AAA to AA. The French have been on a ratings time bomb for some time and have probably the greatest exposure to toxic euro debt.
Comments by Standard and Poors focus on the insufficient initiatives taken by policy makers to address the systemic issues. S&P also note tightening credit conditions, increased risk premiums and weakening economic growth as contributing factors.
The oulook forAustria, Belgium, Cyprus, Estonia, Finland, France, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovenia and Spain are all negative indicating a one in three chance of a further ratings down grade in the next 12 to 24 months.
The outlook for Germany and Slovakia are stable S&P stated.