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The European Union (EU) could see its top-notch credit rating get reduced in the near future, it has emerged.
In a new report published this morning (4 September), Moody's Investors Service has revealed it has placed the economic bloc on negative outlook, meaning it may be stripped of its AAA score in the coming months.
Moody's attributed this decision primarily to the fact many of the EU's leading member states - such as the UK, Germany and France - have been individually put on negative watch in recent times.
With this in mind, the group has indicated that if these countries were to come under "extreme stress" and default on their debt repayment obligations, this would put the EU's central cash reserve under severe pressure.
"Hence, it is reasonable to assume that the EU's creditworthiness should move in line with the creditworthiness of its strongest key member states," Moody's added.
By Gary Cooper
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