S&P's cuts French rating

France loses AAA-rating in blow to eurozone
S&P cuts France's rating to AA, hurting eurozone's ability to fight off crisis

Associated Press PARIS (AP) -- France's finance ministry says Standard & Poor's has cut the country's credit rating by one notch to AA.

France's loss of its AAA-rating deals a heavy blow to the eurozone's ability to fight off its debt crisis. The country is the second-largest contributor to the currency union's bailout fund.

S&P in December put 15 eurozone countries on creditwatch and other downgrades were expected later Friday.
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The cut in France's creditworthiness could also hurt President Nicolas Sarkozy's re-election chances.
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