S&P’s

Ireland’s credit rating was cut by Moody’s to junk this week. The ratings agency warned that the country would need a second round of bailout.

Ireland’s downgrade comes a week after Moody’s lowered the rating for Portugal to junk status with a similar advice to get a second bailout. The credit rating agency sees that private investors need to share the pain of helping sinking European nations.

The European Central Bank made a statement that it would further accept Greek debt as collateral for loans unless all the major credit rating agencies inclusively declare it to be in default.

The ECB said it would rely on the principle of using the best rating available from the agencies – Standard & Poor’s, Moody’s and Fitch – the official said.

Earlier S&P’s warned that a plan supported by Germany and France for banks to roll over their holdings of Greek debt into new bonds would constitute a “selective default”.

The euro lost its gains against the dollar and the yen as traders sold the single currency after Standard & Poor's warned that Greece's debt rollover plan could shift the ratings into selective default.

Meanwhile, the euro fell to a 4-day low against the pound.

The euro declined to a 4-day low of 0.9007 against the pound, compared to last week's close of 0.9043. If the euro slides further, it will fall below 0.90 and target the 0.898 level.

Nokia was warned by the two rating agencies that it will be downgraded unless it rectifies its weakening market position. Standard & Poors has warned the company that a downgrade is "likely" once a three-month review into the company's prospects has been completed. Moody's made a similar warning last week after Nokia's earnings call.

Both agencies point to the pressure from Apple and Android. Meantime, no one cites Samsung as another strong rival because usually the South Korean vendor is considered to make mobile phones that are as good Nokia's own devices.