I don’t know the answer to the the question in the headline, but here is from the Financial Times:

“Standard and Poor’s has warned Germany and the five other triple-A members of the euro zone that they risk having their top-notch ratings downgraded as a result of deepening economic and political turmoil in the single currency bloc.

It warned all six governments that their ratings could be lowered to AA+ if the credit-watch review failed to convince its experts. Markets have been braced for a potential downgrade of France but few expected Germany’s top rating to be called into question.The US ratings agency is poised to announce later on Monday that it is putting Germany, France, the Netherlands, Austria, Finland, and Luxembourg on “credit-watch negative”, meaning there is a one-in-two chance of a downgrade within 90 days.

With regard to Germany, S&P said it was worried about “the potential impact … of what we view as deepening political, financial, and monetary problems with the European economic and monetary union.”

The agency is moving as euro zone governments make further progress towards a comprehensive deal to contain the region’s sovereign debate crisis ahead of a crucial EU summit on December 9. Berlin and Paris want the euro zone to sign up to tougher fiscal rules to calm investors’ worries.

S&P told the six governments it would conclude its review “as soon as possible” after the summit. It told governments: “It is our opinion that the lack of progress the European policy makers have so far made in controlling the spread of the financial crisis may reflect structural weaknesses in the decision-making process within the euro zone and European Union.”