Standard & Poor's has placed the sovereign ratings of 15 euro zone nations, including AAA-rated Germany and France, under 'CreditWatch'.
The CreditWatch action follows Vedanta's announcement that it would acquire a controlling stake in India-based oil and gas company Cairn India Ltd.
The downgrade reflects its opinion that the fiscal consolidation plan which Congress and the administration recently agreed to "falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics."
Rating agency Standard & Poor's on Friday revised upwards the long-term corporate credit ratings of software majors TCS, Infosys and Wipro to 'A' from 'BBB+.'
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