International rating agency, Moody's has warned that it might soon downgrade ratings of France, the United Kingdom and Austria.

The rating agency downgraded ratings of Italy, Portugal, Spain, Slovakia, Slovenia and Malta. The company downgraded the outlook for France, the UK and Austria to negative because of credit pressures that would affect the sovereigns' balance sheets.

The Finance minister of the UK, George Osborne responded by saying that country must achieve its large budget deficit. He said that the country cannot afford to ignore the target and must achieve it aid continuing global economic situation.

Moody's said that Germany's top rating is appropriate as the company maintained the triple-A status was also unchanged for Denmark, Finland, Luxembourg and the Netherlands. It also said that euro zone's bailout fund, the European Financial Stability Fund has its top rating.

Italy, Portugal, Slovakia, Slovenia and Malta saw their rating go down by two notches amid continuing uncertainty in the eurozone. The rating outlook for nine countries were turned negative "given the continuing uncertainty over financing conditions over the next few quarters and its corresponding impact on creditworthiness," the agency said in a statement.