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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
'Justice for All' demonstrations swell across the US over the deaths of African Americans in police encounters.
Six former Guantanamo detainees are now free in Uruguay with some hailing the decision to grant them asylum.
Disproportionately high number of Aboriginal people in prison highlights inequality and marginalisation, critics say.
Nearly half of Canadians have suffered inappropriate advances on the job - and the political arena is no exception.

 
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