PARIS (AFP) - The fallout from the Greek debt crisis presented a risk of contagion for the credit rating of banks in Britain, Ireland, Italy, Portugal and Spain, Moodys ratings agency warned on Thursday. Moodys said in a report that in the wake of the Greek crisis the potential contagion of sovereign risks to banking systems could spread to other countries such as Portugal, Spain, Italy, as well as Ireland and the UK. It said these banking systems therefore faced very real, common threats. The report was referring to the risk of weaker sovereign ratings in Europe on national banking systems, rather than the direct effect of exposure to Greek government debt, which is concentrated in French and German banks. Greek banks received rating cuts following downgrades of the countrys debt because of a public finances crisis that has spiralled in recent months. The US-based ratings agency on Wednesday warned it could downgrade Portugals sovereign debt within three months because of the countrys worsening public finances and weak economic growth prospects. Another ratings agency, Standard & Poors, last week downgraded its sovereign debt ratings for Greece, Portugal and Spain, giving Greek debt junk status in a highly damaging first for a eurozone member state. Many economists have warned that the loss of investor confidence in Greece, which has wiped out the market for Greek government bonds, could spread to other heavily indebted and vulnerable economies in the eurozone. The threat that contagion might eventually morph into panic and spiral out of control is very real and the reaction of eurozone policymakers remains dangerous counterproductive, said Marco Annunziata at Italian bank Unicredit. The Moodys report said banks in Britain, Ireland and Spain were better placed to cope with the current turmoil because of government action over the past two years, while those in Greece, Italy and Portugal were less so. Referring to Portugal, Moodys said: A key factor determining whether contagion risk continues in this case will be the markets view of the likely success or otherwise of a recently agreed EU-IMF rescue package for Greece. Italy is another country where the banking system has been relatively robust so far, but where the major risk to its banking system could also be challenged by contagion risk, it added. Italys central bank responded to the report in a statement saying: Italys banking system is robust. A low current account deficit, high savings and low debt levels make Italys situation different from that of other countries, it added.