S&P said in early December it was reviewing the ratings of 15 of the 17 euro zone member states, with the possibility of downgrading their creditworthiness in the face of a deepening debt crisis.

Euro zone sources have told Reuters that Germany and the Netherlands are not among those that will have their ratings lowered, while Slovakia will be affected.

A spokesman for S&P declined to comment.

(Writing by Luke Baker; reporting by Martin Santa)