AP reported that ratings agency Standard & Poor's has downgraded the government debt of France, Austria, Italy and Spain, but maintained Germany's at the coveted AAA level.

The cuts, which eliminated France and Austria's triple A status, deal a heavy blow to the currency union's ability to fight off a worsening debt crisis. In total, S&P cut its ratings on nine euro zone countries.

France and Austria both dropped one notch to AA+. Italy was lowered by two notches to BBB+ from A, and Spain fell to A from AA-. Portugal and Cyprus also dropped two notches. The agency also cut ratings on Malta, Slovakia and Slovenia.

(Sourced from Associated Press)