TV AND WEB RESTRICTIONS~** NONE **<br/> More doom and gloom for economies across the euro zone.<br/> On what is now called "Black Friday", Standard & Poor's agency downgraded the credit ratings of nine European countries, stripping France and Austria of their coveted triple-A status.<br/> (SOUNDBITE) (English) JOHN CHAMBERS, STANDARD AND POOR'S HEAD OF SOVEREIGN RATINGS U.S.<br/> "The measures that have been taken so far - simply to tighten the fiscal rules - we think is a misdiagnosis of the problem, which we see more of one of competitiveness."<br/> French fund managers say the news could have been much worse.<br/> SOUNDBITE) (English) FUND MANAGER, KBL RICHELIEU, JEREMY GAUDICHON<br/> "Some rumours in recent weeks had raised the possibility of an even bigger cut in the rating."<br/> However, the Portuguese didn't fare as well, with S&P downgrading the country two notches to junk status.<br/> Lisbon residents are concerned they face further austerity measures.<br/> (SOUNDBITE) (Portuguese) LISBON RESIDENT, SILVINO SILVA<br/> "I think it will have a big effect on us because if we need to ask for more money, more austerity measures will be put in place and it will be very complicated."<br/> Spain's rating also fell two notches, prompting residents to question S&P's methodology.<br/> (SOUNDBITE) (Spanish) DELIVERY MAN, EMILIO, SAYING:<br/> "These rating agencies do what they want. Depending of what they want they raise or cut the rating, the next week you can see your rate raised. As I say this is a lottery."<br/> Italians in Rome are worried about the future now that their nation shares the same BBB+ rating as Kazakhstan.<br/> (SOUNDBITE) (Italian) ROME RESIDENT, CHIARA MELONI<br/> "I don't know what to say. It seems that as we move forward the worse it gets. I don't see anything positive in the future. I am a pessimistic person, and I think if we continue like this it will be us heading to Romania on the boats."<br/> Germany is the euro zone's major economy that escaped unscathed to retain its top, triple-A rating and stable outlook.<br/> S&P analysts predict things could get worse, classifying 14 euro zone countries with negative outlooks.<br/> Jessica Gray, Reuters
