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Standard and Poor's decision comes as France's economic tensions rise and unemployment remains at around 11 percent.
Bankia shares fall more than 13 per cent as Spain's borrowing risk premium reaches euro-era high.
Exit polls show New Democracy and PASOK, parties which pushed for austerity measures, suffered major losses in ballot.
Two main parties expected to be punished in parliamentary poll amid widespread anger over continuing economic crisis.
European Central Bank urges eurozone governments to match growth strategy with fiscal discipline.
Protests expected in Spanish city in the absence of hopes of any support mechanisms emerging from the meeting.
Featured on Al Jazeera
Muslim volunteers face questioning and threat of arrest, while aid has been disrupted or blocked, charities say.
Six months on, outrage and sorrow over the mass schoolgirl abduction has disappeared - except for families in Nigeria.
ISIL combatants seeking an 'exit strategy' from Mideast conflict need positive reinforcement back home, analysts say.
European nation hit by a wave of Islamophobia as many young fighters join ISIL in Syria and Iraq.
 
 
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