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Brussels, 20 December 2013
VP Rehn’s comments to medias on Standard & Poor’s downgrading of EU from AAA (negative outlook) to AA+ (stable outlook)
The Commission takes note that S&P has lowered the EU´s long-term rating to AA+, while at the same time changing the outlook to stable.
The Commission underlines that the EU rating with the two other major rating agencies Fitch and Moody's is AAA.
The Commission's view is that the EU credit rating should be essentially assessed on its own merits, due to the special Treaty based status of the EU budget (without deficit or debt), the very strong budget revenues from EU Own Resources and the Treaty obligation from the 28 Member States to always balance the EU Budget.
The Commission disagrees with S&P that MS obligations to the Budget in a stress scenario are questionable. All MS have always and also throughout the financial crisis provided their expected contributions to the budget in full and in time.