Standard & Poor's downgrades European Union's credit rating, stripping it of AAA
PARIS - The Standard & Poor's rating agency says it has downgraded the European Union's credit rating, stripping it of the highest grade of AAA.
The agency said Friday that a bitter battle over the EU budget and worsening creditworthiness of its members are behind the decision to downgrade the bloc's long-term issuer credit rating to AA+. The outlook is stable.
A downgrade can sometimes make it more expensive to borrow money on bond markets. But a rating of AA+ is still considered very solid, so the new rating is likely to have little more than symbolic effect.
The EU borrows money to lend to member states, other countries and some programs. S&P said loans to Ireland and Portugal â€” which received bailouts â€” represent 80 per cent of the EU's outstanding loans.
Read more Business News
- Superboat chaseKelowna - 3:56 pm
- Charges laid in Amanda Todd caseBC - 6:59 pm
- Needle used in robberyKamloops - 3:06 pm
- Kelowna man pleads guiltyKelowna - 2:02 pm
|QHR Technologies Inc||1.29||+0.07|
|Anavex Life Sciences||0.375||0.00|
|Copper Mountain Mining||2.35||-0.07|
|Sunrise Resources Ltd||0.025||-0.005|
|Mission Ready Services||0.25||+0.02|
How much time should you put into prospecting? The question is a bit of a puzzle. Ideally, there would be a reference book that lists, by industry, how much time you should invest in prospecting acti...
The Big Picture Valuation fears grip markets Growing concerns about the level of stock market valuations sparked a risk-off trade in global markets this week. Investors are worried that many companies...
Photo: ContributedFor many businesses this has been a tremendously difficult time since the 2008 crisis. Business fell off. Sales techniques that always worked, well… stopped working. Customers...