Moody’s cut credit ratings of six European countries

London: Ratings agency Moody’s cut credit ratings of six European countries including Italy, Spain and Portugal, and put France, Britain and Austria on negative outlooks citing growing financial macroeconomic risks, Xinhua informs.

Italy’s debt rating was downgraded from A2 to A3, Spain from A1 to A3, and Portugal from Ba2 to Ba3, the agency said.

Ratings of Malta, Slovenia and Slovakia was also cut by one notch.

Moody’s said actions was driven by uncertainty over the implementation of institutional reform in the euro area and whether enough resources had been allocated to boost competitiveness.