S&P "to cut some euro zone countries" ratings" France, Austria and Slovakia are about to have their credit ratings downgraded by the rating agency Standard & Poor's according to French government and eurozone sources quoted by various news agencies. Reportedly Germany, The Netherlands, Finland and Luxembourg will not be effected. A downgrade of France from its AAA status would have a knock-on effect on the eurozone's current bailout fund, the European Financial Stability Facility, as France is a major contributor and its borrowing costs would rise. "The consequence (if France is downgraded) is that the EFSF cannot keep its triple-A rating," said Commerzbank chief economist Joerg Kraemer. That may irritate markets in the short term but wouldn't be a big problem in a world where the US and Japan also don't have a AAA rating anymore. AAA is a dying species," he said. The reports pulled down European shares and the euro which fell more than one percent against the dollar. In December, S&P placed the ratings of 15 eurozone countries on credit watch negative - including those of top-rated Germany and France, the region's two biggest economies - and said "systemic stresses" were building up as credit conditions tighten in the 17-nation bloc. Since then, the European Central Bank has flooded the banking system with cheap three-year money to avert a credit crunch. More about: Austria, Economic crisis, Eurozone in crisis, France, Slovakia, Standard & Poor's