Moody’s Investors Service has confirmed the long-term rating of the European Union at Aaa and changed its forecasts from stable to negative, RBC reports.
The negative forecasts concerns EU states contributing up to 45% of EU economy, i.e. Germany, France, UK and Netherlands.
The credit rating of Germany and Netherlands got a negative forecast on July 23, 2012, due to concerns over the financial situation, debt crisis in Europe, Greece’s quitting the euro zone, recession in Spain and Italy.
Moody’s said in early June 2012 that the situation in Spain and Greece would cause a rating change of many states of the euro zone. The sovereign rating of Italy dropped from A3 to Baa2. Further drops are predicted.
