Standard & Poor's is stripping France of its AAA creditrating for the first time, Agence France-Presse reported, citing anunidentified government official.

S&P won't change its rating on Germany, the Netherlands andLuxembourg, the official said, according to AFP.

A downgrade by S&P would signal that the latest pledges byEuropean leaders to clamp down on deficits and step up cooperationwon't be enough to end the region's debt crisis and curtail therise in France's borrowing costs. The country's benchmark 10-yearbonds now yield 133 basis points more than debt of AAA-ratedGermany.

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