S&P’s EU rating cut brushed off

Credit agency Standard & Poor’s cut its triple-A rating of the European Union by one notch on Friday, saying it had concerns about how the bloc’s budget was financed, a view EU leaders and other officials dismissed as misguided.

By (Reuters)

Published: Sat 21 Dec 2013, 10:40 PM

Last updated: Tue 7 Apr 2015, 4:49 PM

“In our opinion, the overall creditworthiness of the now 28 European Union member states has declined,” S&P said in a statement that came 11 months after it announced it had a negative outlook on the bloc.

European officials said they were not surprised by the move to AA+ since the ratings agency recently downgraded the Netherlands and has also lowered its view on six other member states — France, Italy, Spain, Malta, Slovenia and Cyprus — in the past year.

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