Downgrade-palooza Continues: S&P To Cut Portugal, Italy, Spain, Austria

[Stocks-to-Watch]

The downgrades from Standard & Poor‘s keep coming, with anonymous government officials now identifying many more targets beyond France.

Now, insiders are saying Italy, Spain and Portugal will have their sovereign credit rating downgraded by two notches. Austria is also set to lose its Triple A rating along with France. Germany and the Netherlands are said to be safe from this round of downgrades.

Elsewhere on the Continent, Belgium said missed its 2011 budget target as set out by the EU’s stability program, as its sovereign debt rose to 98.1% of GDP, the highest level in nearly a decade.

Although European officials continue to remain mum on the topic, Irish Deputy Prime Minister Eamon Gilmore told journalists that he hoped the EU could continue in its progress to stabilize the sovereign debt crisis. S&P has also declined to confirm or deny any of the cuts yet.



Original Article Source by Barrons.com