Moody's

Moody's has downgraded Spain's credit rating by three notches to Baa3 from A3, just above junk status, and placed it on review for further possible downgrades.

David Cameron has reassured British savers worried by the a raft of downgrades of Spanish banks, describing British banks as well regulated and well capitalised.

France's AAA credit rating is safe, according to ratings agency Fitch, which has reassured market the election of Socialist President Francois Hollande has no implications for the country's credit rating.

Moody's has downgraded Tesco's debt rating after warning it will "take time to revive profit growth" at the UK's largest supermarket.

The UK's prized AAA credit rating has been put on "negative outlook" by Fitch, the second ratings agency to warn of a possible economic downgrade.

Credit rating agency Moody's has placed Santander UK's long term debt and deposit ratings under review following the announcement last week that its parent may be downgraded.

The government received more income than it spent in January, posting the highest surplus for four years following a drive to cut public spending.

It is far more likely the UK will retain its prized triple-A status than be downgraded, according to bookies.

Ratings agency Moody's has warned it may cut the credit ratings of 17 global banks and 114 European financial institutions as strains on the financial system increase.

Markets have slipped into the red in early trading as Moody's negative outlook for the UK's AAA credit rating weighed on sentiment.