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Egan-Jones cuts France's credit rating

Ratings hits aren't just for Spain and Greece.
2012 02 20 euro symbolEnlarge
As the euro zone crisis grinds on, an increasing number of European banks and countries are facing ratings hits. (Ralph Orlowski/Getty Images)

Every day really does bring another downgrade in Europe. France is the latest euro zone country to take a credit ratings hit. 

The ratings firm Egan-Jones downgraded France's credit rating to BBB+, Bloomberg reported.

Egan-Jones said it was cutting France's credit rating because of deteroriating credit metrics and weaknesses among French banks. The company also said it expects France to remain under pressure as a new president works to keep campaign promises that are likely to hurt the country's credit quality. 

France joins a number of countries that already have had their credit ratings slashed by various agencies. Spain for instance is barely hovering at above junk status, according to Moody's, which cut its credit rating for Spain on Wednesday. 

More from GlobalPost: Moody's downgrades Spain

Egan-Jones downgraded its outlook for Spain a day ahead of Moody's. Zero Hedge noted it's usually a month ahead of its better-known counterparts like Moody's. 

France hasn't seen its borrowing rates spike as Spain has, but CNNMoney said Egan-Jones warned the worst could be yet to come. 

More from GlobalPost: When the BRICS crumble 

http://www.globalpost.com/dispatches/news/regions/europe/france/egan-jones-cuts-frances-credit-rating