Standard & Poor's ratings have shown positive signs for Spain by upgrading its outlook to stable for Spain. It has rewarded Spain for moves to reform public finances as well. S&P said the Dutch decision left Germany, Luxembourg and Finland as the only countries with top credit ratings. It was because of worsening growth prospects. Netherlands has been rated as triple A by both Moddy and Fitch.

S&P said in a statement that Netherlands' short-term rating is A-1+. It said, "The real GDP per capita trend growth rate is persistently lower than that of peers at similarly high levels of economic development".

Although Italy and Spain have done well in past six months to ease the sense of crisis, Europe still needs to work hard towards improvement in unemployment rates and cope with debt burdens. Debts burdens in some European countries are more than 100% of annual national output.

A widespread public anger and adverse growth prospects are the results of austerity measures. Net exports have contributed strongly, but still not able to result enough growth to offset a weak domestic economy, S&P said

S&P is the second of the three main credit ratings agencies to improve its outlook for Spain. Just less than a month ago, Fitch also switched to stable from negative in early November.