Standard & Poor's has a "negative" watch for Britain's sovereign-credit rating, indicating it likely will be the next European country to have its rating cut after Ireland. "The U.K. is a point of reference. If S&P is worried about Ireland's exposure to banks, it could well be worried about U.K.'s exposure to banks," said Ciaran O'Hagan, a senior strategist at Societe Generale. Austria's triple-A rating is at risk if the turmoil in Eastern Europe and the Baltics worsens.

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