Moody's Investors Service said although Spain and the U.K. have been "severely hit" by the financial crisis, they will likely retain their Aaa credit ratings. Meanwhile, Germany and France, which also have Aaa ratings, are "resistant," said Moody's executive Pierre Cailleteau. "Almost all Aaa-rated sovereigns have been hit more severely by the global downturn than we expected earlier this year. Nevertheless, all Aaa countries now have stable outlooks, indicating that we do not expect rating downgrades over the near term," Moody's said.

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