Recapping sovereign ratings actions today:

• S&P affirms Italy's Long-Term Local Currency Debt Rating at BBB, outlook remains stable
• S&P affirms the UK's Long-Term Local Currency Debt Rating at AA, outlook remains stable
• Scope downgraded France to AA- (from AA) with a stable outlook
• S&P did not affirm/update the ratings of Greece or the Netherlands as part of their semi-annual review of the sovereigns.