S&P downgrades 9 euro zone countries

News of a major blow to Europe's economic revival hopes.Credit rating agency Standard and Poor has stripped France and Austria of their top-notch credit rating and rumours swirled in financial markets that its debt-burdened neighbours would be next, complicating Europe's efforts to solve its financial crisis. Standard & Poor's. S&P had warned 15 European nations in December that they were at risk for a downgrade. The downgrades could drive up the cost of European government debt. Higher borrowing costs would put more financial pressure on countries already contending with heavy debt burdens.