Shock!
- Disagrees that member state obligations to the budget in a stress test scenario are questionable
- EU credit rating should be assess on its own merit
All member states have always, and also throughout the financial crisis, provided their expected contributions to the budget in full and in time
The comments come as a response to S&P cuts EU supranational long-term rating to AA+ from AAA.
The news also comes as ratings agencies weigh up whether to publish a schedule for sovereign reports and the new rule this year which says that agencies should post ratings news after 17.00. Obviously S&P have stretched the boundaries on that one today.
