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European Union Loses Aaa Rating From S&p On Weaker Cohesion

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The European Union lost its top credit rating from Standard & Poor’s, which said the group’s cohesion has weakened and its financial profile has deteriorated.

S&P cut its long-term rating on the EU to AA+ from AAA and maintained its short-term rating at A-1+. The outlook is stable, the company said in a statement today. “The downgrade reflects our view of the overall weaker creditworthiness of the EU’s 28 member states,” S&P said.

The reduction follows ratings cuts in recent years on EU members including France, Italy and Spain, as a sovereign-debt crisis roiled the region. The average rating of net contributors to the EU budget has fallen to AA from AA+ since January 2012, when S&P revised its outlook on the long-term EU rating to negative, the company said.

“We believe the financial profile of the EU has deteriorated and that cohesion among EU members has lessened,” S&P said. “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.”

Europe has never been coherent.

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