S#38;P lowers EU long-term credit rating from AAA to AA+

IMG title=”” alt=”” src=”http://www.mineralfossil.com/wp-content/uploads/2013/12/wpid-061db19f517d9923a4bc7b7e59c94e18.jpg” IMG class=hide alt=”SP lowers EU long-term credit rating from AAA to AA+” src=”http://www.mineralfossil.com/wp-content/uploads/2013/12/wpid-061db19f517d9923a4bc7b7e59c94e18.jpg” (ANSA) – Rome, December 20 – Rating agency Standard Poor’s (SP) on Friday lowered the European Union’s (EU) long-term credit rating by one notch, from a top grade of AAA down to AA+, with outlook stable. The EU’s short- to medium-term credit rating remained unchanged at A-1+, with the outlook stable. PSP explained the downgrade in a note, saying that the EU’s 28 member countries’ “overall credibility” concerning creditworthiness has weakened./PPSP added that the EU’s financial picture has “deteriorated” and its cohesion has “loosened”. SP cited as contributing factors to the downgrade member countries’ trouble reaching a common budget, the demands by some to reduce their EU contributions, and sovereign debt crises in several states. The threat of a credit rating downgrade has lingered over the EU for years, and was presaged by a “negative outlook” presented in January 2012./PPSome EU members have seen their own credit ratings cut in recent months./PIMG id=mediaViewer title=”” alt=”” src=”http://www.mineralfossil.com/wp-content/uploads/2013/12/wpid-trasp264.gif”ALL RIGHTS RESERVED