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
- Strike or settlement?Poll
- 'Spiderman' arsonist gets jail timeKelowna
- Road project jumps by $1.1MKelowna
- Murder details brings family to tearsKamloops
|QHR Technologies Inc||1.18||+0.02|
|Anavex Life Sciences||0.42||-0.018|
|Copper Mountain Mining||2.20||-0.09|
|Sunrise Resources Ltd||0.035||+0.005|
|Mission Ready Services||0.295||0.00|
In the razzle dazzle of Hollywood it is hard to find anyone who stands out from the crowd. The fraternity of Actors, Producers, Directors and various other technical guru’s seem to live in a wo...
This past Sunday I drove from Kelowna to Powell River. For those of you who’ve never had to, particularly in winter, it means rising in the wee hours; managing a treacherous journey on the Coqui...
The budget should allow more competition from smaller lenders which will keep banks competitive and make dealing with a mortgage broker even more important. "The government has promised that th...