Standard and Poors' downgrade of nine of the 17 eurozone countries had little effect on European stocks Monday.

France and Austria were the hardest hit by Friday's downgrade, each losing their prized AAA status.

"People knew it was coming, and it was only one rating agency," said Marc Chandler, head of global currency strategy at Brown Brothers Harriman. Moody's and Fitch Ratings have yet to follow S&P.

Analysts are hoping the downgrades will encourage European nations to strengthen their financial situations.

But some analysts expect the debt crisis to worsen and damage Europe's economy. Many worry it could hurt the United States as well.