EU On Watch List For Credit Rating Downgrade
10:48pm UK, Wednesday December 07, 2011
The European Union has been placed on a watch list for a possible credit rating downgrade by bureau Standard & Poor’s.
The bureau stated it may cut the EU’s AAA long-term issuer credit rating, if it lowers the current AAA ratings in one or more member states.
It comes after S&P this week placed 15 eurozone nations on watch for possible downgrade.
The eurozone member countries contribute 62 percent of the EU’s revenues.
S&P stated its credit review would focus on the financial capability of eurozone countries to support the EU’s repayment of its debts.
Any decision to downgrade would likely make it more costly for governments to borrow.
The agency’s announcement comes as eurozone leaders attempt to prevent the break-up of the single currency and restore stability after weeks of mounting crisis.
source : news.sky.com
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