Italy, Spain, Cyprus and Portugal were cut two notches, with the latter two given "junk" ratings. Germany kept its AAA rating, and with a stable outlook.
UK is the next on the watching list.
German conservative, Britain's archrival, advises UK downgrade "If the agency downgrades France, it should also downgrade Britain in order to be consistent."
France top AAA credit rating lost
France loses a top AAA credit rating as nine eurozone governments are downgraded by Standard & Poor's prompting markets to fall.