S&P Credit rating company has lowered France Credit rating By one level to a AA+ rating similar to U.S credit rating.

This downgrade will indirectly,increase financing costs of the European rescue fund (EFSF), since its credit rating is highly dependent on the rating of the countries supporting it.

The Credit rating of Cyprus, Italy, Portugal and Spain was cut by two levels while Austria, France, Malta, Slovakia and Slovenia credit ratings fell by one level.

Belgium, Estonia, Germany, Ireland, Luxembourg and the Netherlands, remained their Credit ratings.

European leaders are set to meet at the end of this month to discuss a reform of the budgetary structure of the euro, and to discuss a new rescue package for Greece, due to increased financing costs for the governments of the region.