Europe faces possible S & P downgrades

Several reports state that several countries in the eurozone countries are in danger of being downgraded by the credit rating agency Standard & Poors (S&P).  If a downgrade did materialize, countries such as Germany, Austria, Belgium, Finland, the Netherlands and Luxembourg would likely see ratings cuts of only one notch. The other nine countries  most notably triple A-rated France  could suffer downgrades of up to two notches.  The downgrades would likely scare off potential investors in European debt and raise the cost of government borrowing.