After Moody's rating agency downgraded Italian long-term bonds, the rating agency said that other European countries with lower debt rating than top Aaa could face cuts.

Moody's also said in a statement that All but the strongest euro-area sovereigns are likely to face sustained negative pressure on their ratings. In addition, Consequently, Moody's expects fewer countries below Aaa to retain high ratings.

The agency also added that there are no immediate pressures that could cause downgrades for Aaa-rated countries.

Moody's rating agency has downgraded the Italian government bonds' rating by three notches to A2 from Aa2 on a negative outlook and rising risks for euro-area sovereigns, especially that Italy handles the largest debt in the euro zone, as Moody's explained.