Report: S&P to cut ratings of some Eurozone countries

It has been reported that ratings agency Standard and Poor's is poised to downgrade a number of Eurozone countries this evening.

The Reuters news agency is claiming that a number of EU nations will have their credit ratings cut, Germany is understood not to be one of them.

However, there is concern that France may be downgraded, something which would effect the European bailout mechanism.

Markets are tumbling on foot of the reports and the Euro has dropped sharply.