Moody's has recently downgraded France from AAA to Aa1, following action taken by S&P earlier this year. My personal favorite ratings agency, Egan Jones, has long since had France at just north of "crap junk" at BBB+. Gotta love the little guy.
ZeroHedge has a pretty good recap. Strangely, after reading their take on the situation, I don't feel the need to buy small arms, physical gold, and farmland in Kansas. I think they're losing their touch.
So, what does everyone think this will mean for Europe? Or are they already so universally screwed that this is just a drop in the bucket?