NEW YORK :The euro sank to 16-month lows on Friday, as Standard & Poor's reviewed its credit ratings on 16 eurozone nations, resulting in downgrades for Austria, France, Italy and Spain. The euro dived as low as $1.2624, a level last seen in August 2010, on what proved a grim Friday the 13th for EU leaders. By 2200 GMT the euro had rebounded only slightly to $1.2677 against $1.2816 the day before. David Gilmore of Foreign Exchange Analytics said the downgrades were expected. "It was pretty well baked into the cake.