KEYWORDS TODAY:   UkraineDonetskSouth Stream

S&P Downgrades EU Credit Rating

Business » FINANCE | December 20, 2013, Friday // 08:43| Views: 1088 | Comments: 0
  • Send to Kindle
Bulgaria: S&P Downgrades EU Credit Rating

Credit rating agency Standard & Poor's has cut the long term credit rating of the European Union from the top grade of AAA to AA+.

"In our opinion, the overall creditworthiness of the 28 EU member states has declined," S&P said in a statement.

"In our view, EU budgetary negotiations have become more contentious, signalling what we consider to be rising risks to the support of the EU from some member states," added the agency.

The news comes against the backdrop of the ongoing European Council, as part of which eurozone finance ministers reached a deal on furthering the so-called EU banking union.

S&P has further commented that cohesion among EU members has lessened and that some might baulk at funding the EU budget on a pro-rata basis.

The overall downgrade follows cuts to the ratings of EU member states in recent months.

Finance » Be a reporter: Write and send your article
Tags: Standard & Poor's, S&P, credit rating, European Union, EU, banking union All Are Welcome! Join Now!

Leave a comment

Bulgaria news (Sofia News Agency - is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." (Sofia News Agency - and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria