Helsinki

FINNISH Prime Minister Alexander Stubb said lawmakers must abandon their political differences and draft a set of measures to help cut debt after the Nordic country was stripped of its AAA rating.

Standard & Poor's (S&P) one-step downgrade of Finland to AA+ from AAA leaves Germany and Luxembourg as the euro area's last top-rated members. The step also marks the latest defeat for a government dogged by a fractious Parliament and shrinking coalition. S&P said the economy faces a protracted period of stagnation, with an ageing population complicating efforts to balance the budget and reduce debt.