Now they argue that their sovereign ratings [for nation states] are done in separate departments, and continue to be an independent service.

Despite our downward revision of the political score, we are affirming Germany's sovereign ratings.

"This very fast increase in debt is unprecedented," said Moritz Kraemer, S&P's head of sovereign ratings.

Without such a strategy, the sovereign rating will likely be lowered by the end of 2013," Fitch reiterated.

The proposed agency would focus solely on sovereign ratings.

Moody's Rating Service also shares in view and did not change its sovereign rating of A3.

Without a government strategy to reduce the budget deficit and stabilise the federal debt burden, the sovereign rating will probably be cut by the end of 2013, it added.

European sources have told Reuters that downgrades of several sovereign ratings in the eurozone were imminent.

Moody's and Fitch have rated its international credit rating at par with India's sovereign rating.

We would also point out that our sovereign ratings have an excellent track record as indicators of default risk.