European bond yields rose on ratings downgrade

European sovereign bond yields increased after Standard & Poor's Ratings Services downgraded the credit rating of 15 euro-zone countries. Italian 10-year bond yield increased by 20 basis points to 6.05%, those of Spain edged up to 5.17%, while German 10-year bond yields gained 2 basis points to 2.33%, French similar bonds now yield 3.19%.