Moody's rating agency downgraded the debt ratings of Italy, Spain and Portugal and placed negative outlooks on France, Britain and Austria. Ratings were also cut for Slovenia, Slovakia and Malta, with Moody's saying all nine were more susceptible to increasing financial and macroeconomic risks from the euro area crisis.
Japan's Nikkei 225 index was trading 0.2% lower at 8,975.56 and Hong Kong 's Hang Seng index was trading lower at 20,846.12, down 0.2%. South Korea 's Kospi index was trading 0.3% lower at 1998.59. China 's Shanghai index was trading at 2335, down 0.7%.
Prior to the opening bell in Asia on Tuesday, Moody's said it was downgrading sovereign ratings for Italy, Portugal, Spain, Slovakia, Slovenia and Malta, and slapped negative outlooks on Austria, France and the U.K., which ups the likelihood the latter three countries could lose their coveted AAA ratings.
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