S&P cuts EU long-term rating to AA+

(Reuters) – Standard & Poor’s cut its long-term credit rating on the European Union to AA-plus from AAA on Friday, citing rising tensions on budget negotiations. The move follows cuts to the ratings of EU member states in recent months. “In our opinion, the overall creditworthiness of the now 28 European Union (EU) member states has declined,” S&P said in a statement. “In our view, EU budgetary negotiations have become more contentious, signaling what we consider to be rising risks to the support of the EU from some member states.”

    

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