Standard & Poor's Ratings Services stripped France of its prized triple-A long-term credit rating, the company announced Friday afternoon, a move that marks the long-awaited blow to France's international standing and knocks Europe's second-largest economy out of the top financial league of the euro zone.

In announcements after the U.S. market closed on Friday, S&P announced ratings actions on 16 euro zone sovereigns, which included downgrading Austria to AA+ from triple-A. S&P lowered the ratings on Cyprus, Italy, Portugal...