Friday the 13th proves unlucky for France

Key highlights S&P downgrades nine EU nations, including stripping France of its AAA credit rating. Lack of progress by EU policy makers contributes to downgrades. Inflation pressures to remain subuded in NZ, RBNZ to remain focused on EU situation.     Report prepared by: Christina Leung ASB Economist Phone: +64 9 301 5661 Fax: +64 9 302 0992