France has lost its top AAA credit rating from Standard & Poor's. 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."

Read more: http://www.guardian.co.uk/business/2012/jan/13/eurozone-crisis-france-credit-rating-aaa