Standard & Poor's is stripping France of its AAA credit rating for the first time, Agence France-Presse reported, citing an unidentified government official.
S&P won't change its rating on Germany, the Netherlands and Luxembourg, the official said, according to AFP.
A downgrade by S&P would signal that the latest pledges by European leaders to clamp down on deficits and step up cooperation won't be enough to end the region's debt crisis and curtail the rise in France's borrowing costs. The country's benchmark 10-year bonds now yield 133 basis points more than debt of AAA-rated Germany.
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