The international ratings agency Moody's has cut its ratings of banks in France, Belgium, Luxembourg and the Netherlands, owing to deteriorating eurozone financial conditions.

Moody's added that it continued to assess major French banks BNP Paribas, Societe Generale and Credit Agricole, but did not say when it would issue a statement concerning them.

The rating agency cut its note on the French bank BPCE by two notches to "A2" from "Aa3" while maintaining a stable outlook, and confirmed one on rival CIC at "Aa3."

Speaking of BPCE, Moody's said: "Although France remains one of the stronger economies in the euro area, Moody's expects that weakening economic conditions will lead to mounting negative pressures on the group's overall asset quality."

The rating for Belgian bank and insurance group KBC was also cut by two notches to "A3" from "A2", while its outlook stayed stable as well.

Moody's pointed to "KBC Bank's higher sensitivity to the deteriorating European macro-economic environment, due its exposures to markets experiencing material stress, notably Ireland and Hungary."