S&P Strips European Union Of Triple A Rating

Standard and Poor’s ratings agency downgraded the European Union’s long-term credit rating one notch to AA+.

The rating agency stripped the bloc’s top-level AAA long-term credit rating citing the overall weaker creditworthiness of the European Union’s 28 member states.

S&P cuts European Union’s rating to AA+

S&P cut its long-term ratings on the European Union to AA+, with a stable outlook from AAA. However, it maintained its short-term rating at A-1+. Last month S&P lowered its AAA rating on the Netherlands.

S&P said downward pressure could build on the European Union...