International investors may have been comforted when the European Central Bank (ECB) announced its unlimited bond-buying program. While bond yields have certainly came down a bit, investors are growing increasingly concerned by major E.U. economies.
Moody's reiterated these thoughts over the past couple of weeks, saying that the eurozone still faces significant downside risk. Out of the 17 eurozone members, the sovereign ratings agency has a negative outlook on all but Finland and Estonia.
Investors are particularly concerned about the major E.U. components. While Moody's affirmed Spain's investment grade status last week, the market remains somewhat concerned over France's Aaa credit rating review expected over the coming weeks.