The Netherlands has lost its AAA credit rating from Standard & Poor’s (S&P).
The Dutch economy, which is the eurozone’s fifth largest, recently emerged from a year-long recession – but S&P said its growth prospects were not robust enough for it to retain the top rating.
The Netherlands’ downgrade (to AA+) leaves just three eurozone economies with the prized AAA: Germany, Finland and Luxembourg.
Meanwhile, at the lower end of the credit ratings scale things were looking up.
S&P raised its credit rating for Cyprus to B-, saying the country is likely to keep up its austerity program and, thus, remains on track to comply with the bailout terms set by its international lenders.
The ratings agency changed its outlook for Spain (rated BBB) from “negative” to “stable”.