Moody's Downgrades European Countries: Spain, Italy, Portugal, Revises U.K. and France

Late today it was Moody’s Investors Service turn to cut the debt ratings of European countries. The downgrades today  included Italy, Spain and Portugal. The agency also revised its outlook on the U.K.’s and France’s top Aaa ratings to “negative,” citing the usual: Europe’s debt crisis.
Spain was downgraded to A3 from A1, Italy was downgraded to A3 from A2,and Portugal was downgraded to Ba3 from Ba2.

It also reduced the ratings of Slovakia, Slovenia and Malta.

“The uncertainty over the euro area’s prospects for institutional reform of its fiscal and economic framework”

“Europe’s increasingly weak macroeconomic prospects, which threaten the implementation of domestic austerity programs and the structural reforms that are needed to promote competitiveness,”