Ratings agency S&P downgrades EU

The European Union's top long-term credit rating has been downgraded by the agency Standard & Poors, citing what it called lessening cohesion. The dip to AA+ coincides with an EU summit in Brussels in December 2013.

• Primary Source

ESO: Background information: Europe's banks need €110 billion to keep credit ratings http://www.europeansources.info/record/europes-banks-need-e110-billion-to-keep-credit-ratings/

ESO: Background information: EU threatens action against credit rating agencies http://www.europeansources.info/record/eu-threatens-action-against-credit-rating-agencies/

ESO: Background information: S&P upgrades Spain's economic outlook / strips Netherlands' AAA Rating http://www.europeansources.info/record/sp-upgrades-spains-economic-outlook-strips-netherlands-aaa-rating/

European Commission: RAPID: Memo, MEMO/13/1191: VP Rehn’s comments to medias on Standard & Poor’s downgrading of EU from AAA (negative outlook) to AA+ (stable outlook) http://europa.eu/rapid/press-release_MEMO-13-1191_en.pdf

EUObserver, 20.12.13: Ratings agency downgrades EU on summit day http://euobserver.com/economic/122576

EurActiv, 20.12.13: S&P spoils the show at EU leaders’ summit http://www.euractiv.com/euro-finance/sp-spoils-show-eu-leaders-summit-news-532534

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