S&P cuts EU's 'AAA' credit rating

Dec 21 2013, 00:46 IST
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SummaryStandard & Poor’s announcement came the day after the EU reached a deal to overhaul the region’s banking sector

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.

Standard & Poor’s announcement came the day after the EU reached a deal to overhaul the region’s banking sector, a pact many commentators said fell short of expectations, although S&P said it had not factored into its credit assessment.

“In our opinion, the overall creditworthiness of the now 28 European Union member states has declined,” the rating agency said.

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