It has been reported that Moody's Investors Service, rating agency, has wiped out France from triple-A credit rating. The action was taken by the agency on Tuesday. Nations that have received top rating from the agency previously are now worrisome about the ratings.

The downgrade could occur in any country. Ben Lichtenstein from Tradersaudio said, ".The downgrade is extremely significant considering there has been a lot of talk about the U. S. being downgraded as well".

It is believed that financial difficulties in France have pushed the rating agency to downgrade the ranking enjoyed by France. Although France has shown a rise of 0.2% in its Gross Domestic Product (GDP), the surge failed to entice the agency.

While downgrading, the agency cited many points that could possibly harm the current growth being enjoyed by France. The agency said that factors like increased unemployment rates, reduced consumers`demand and increase in tax could hamper the growth of France. It seems like that financial crisis and its consequent adverse effects are hampering the economy of other European countries as well besides Greece, Spain and Italy. The downgrade of France has put many sovereign countries under the fear of downgrade.