07 KASIM 2011 S&P'NİN AB NOT AÇIKLAMASI
LONDON (Standard & Poor's) Dec. 7, 2011--Standard & Poor's Ratings Services today placed its 'AAA' long-term issuer credit rating on the European Union (EU) on CreditWatch with negative implications. At the same time, we affirmed the 'A-1+' short-term issuer credit rating on the EU. The CreditWatch placement is prompted by similar CreditWatch placements, which we made on 15 eurozone sovereigns on Dec. 5, 2011. The CreditWatch on the EU is an expression of our concerns about the potential impact on the future debt
service capacity of eurozone sovereigns, and therefore also the EU, in the
context of what we view as deepening political, financial, and monetary
problems within the eurozone. Eurozone members account for 62% of the EU's
total 2011 budgeted revenues. For 2011, budgeted revenues from Germany and
France were 32% of total EU revenues, at 16% and 14%, respectively. In total,
'AAA' rated member states account for just over 49% of the EU's 2011 budgeted
revenues, with only the U.K., Denmark, and Sweden retaining a stable outlook
(together they contribute 13% of the EU's 2011 budgeted revenues). Given the
EU's dependency on such revenues from national budgets, and our recent
CreditWatch placements on the 'AAA' ratings on Germany and France, among
others, we will concurrently review the 'AAA' long-term rating on the EU with
the ratings on the eurozone member states.
CREDITWATCH
We expect to resolve the CreditWatch placements on the eurozone member states as soon as possible after the European summit on Dec. 8 and 9, 2011. Following this, we then expect to resolve the CreditWatch on the EU. We typically resolve CreditWatch actions within 90 days, although we will attempt to resolve the CreditWatch placements on eurozone sovereigns and therefore the EU sooner, if possible and appropriate.
We could lower the long-term issuer credit rating on the EU by one notch if we were to lower the current 'AAA' ratings on one or more member states, with a special focus on the largest contributors, France and Germany. Conversely, the ratings could be affirmed at their current levels if we were to affirm the member states' 'AAA' ratings following the respective sovereign CreditWatch review.
