Moody's Adjusted Sovereign Debt Ratings for 9 Countries

Moody's, as anticipated in November, 2011, has adjusted the sovereign debt rating for 9 European countries.

• Austria: outlook on Aaa rating changed to negative
• France: outlook on Aaa rating changed to negative
• Italy: downgraded to A3 from A2, negative outlook
• Malta: downgraded to A3 from A2, negative outlook
• Portugal: downgraded to Ba3 from Ba2, negative outlook
• Slovakia: downgraded to A2 from A1, negative outlook
• Slovenia: downgraded to A2 from A1, negative outlook
• Spain: downgraded to A3 from A1, negative outlook
• United Kingdom: outlook on Aaa rating changed to negative

Uncertainty in the euro zone's ability to address the financial problems facing some of the members of EU is cited as one of the main drivers for adjusting the ratings.

At this point, Asia's markets are falling due to the news. It will be interesting to see the reaction of other markets following the downgrade.