Moody's Investors Service downgraded the credit ratings of countries including Italy, Portugal and Spain. It also warned that it might cut the triple-A ratings of the U.K., Austria and France, and it lowered the nations' outlook to "negative" because of "a number of specific credit pressures that would exacerbate the susceptibility of these sovereigns' balance sheets." The credit rating agency affirmed the top-tier ratings of Germany and the European Financial Stability Fund.

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