France has lost its AAA credit rating as Standard & Poor’s cut its rating a notch to AA+.

Eleanor Beardsley of NPR reports that “Standard & Poor’s downgraded the sovereign debt of France, Italy, Spain and six other European countries on Friday. The move was highly expected, but it’s still a blow to France and sending shock waves across Europe. France is the eurozone’s second-largest economy, and its downgrade could even threaten Europe’s master plan to stop its debt crisis.”

The credit rating downgrade is expected to play a role in the French 2012 Presidential Election, but President Nicolas Sarkozy is trying to spin the news to strengthen his campaign’s position.

NPR provides coverage online.