Moody's downgrades the sovereign debt of Spain by two notches, and the debt of Italy, Portugal, Slovakia, Slovenia, and Malta by one notch. In addition, Moody's outlooks for France, the U.K., and Austria is being revised to negative, though each country is maintaining its A3 rating for now.
Except for Portugal, which saw its rating lowered to Ba3, the downgraded countries all had A3 ratings going into today. Spain's rating is lowered to A1, while Italy, Malta, Slovakia, and Slovenia are lowered to A2. U.S. equity futures appear largely unaffected by the news, but the euro has ticked lower against the dollar to $1.3154
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