Merkel downplays possible S&P downgrade

BERLIN - The Associated Press

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Chancellor Angela Merkel is downplaying the news that Standard & Poor's is examining the credit rating of 15 eurozone countries for a possible downgrade, saying the region is on the path out of its financial crisis.

She told reporters Tuesday that "what a rating agency does is the responsibility of the rating agency" but that leaders would plot a course to "regain confidence" when they meet later this week.

She says "I have always said this is a long process... and it will continue, but we charted the course yesterday with the French president and we will continue to stay the course."

Markets have been jittery following the news that S&P had placed 15 nations on notice for possible downgrades, including France and Germany, which both have a AAA rating.