Source Guardian Newspaper UK
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NEWS UPDATE 22.00 GMT
Italy and Spain were also downgraded,but Germany kept its AAA rating.
Austria, like France has lost its top AAA rating, and been downgraded to AA+. Its economy exports a lot to recession-struck Italy, while its banks are facing losses on subsidiaries they own in financially troubled Hungary.
Most other governments are on lower ratings already. S&P's rating of Italy - currently at the epicentre of the crisis - has been cut two notches from A to BBB+.