Standard & Poor’s has downgraded the credit ratings of nine European countries amid the unresolved euro zone debt crisis.

The ratings of France and Austria were slashed from AAA to AA+ while Italy and Spain were taken down two notches each from BBB+ and A, respectively.

Spain and Portugal were also on the list for downgrades.

Germany, which now remains the only euro zone stronghold, still retains its credit rating of AAA. The Netherlands, Belgium and Finland also remained unscathed.