Standard & Poor's will say that Germany and France may be stripped of their AAA credit ratings as the debt crisis prompts all 17 euro nations to be put on review for possible downgrade, two officials familiar with the S&P decision said.

The euro area's six AAA rated countries are among the nations to be placed on a negative outlook pending the result of a summit of European Union leaders on Dec. 9, the people said today on condition of anonymity because the decision has yet to be announced. The euro reverse gains and U.S. Treasury bonds gained after the Financial Times reported earlier that the credit-ranking firm planned to reduce the outlooks, without citing the source of the information. John Piecuch, a spokesman for S&P in New York, had no comment.

The downgrades warning come as German Chancellor Angela Merkel and French President Nicolas Sarkozy push for a rewrite of the EU's governing rules to tighten economic cooperation in a demonstration of unity on ending the debt crisis. With the fate of the currency shared by the 17 euro countries at risk, Merkel and Sarkozy presented a common platform for a Dec. 8-9 summit of EU leaders in Brussels that aims to halt the crisis now in its third year.