BRUSSELS Dec 20 The European Commission said on
Friday that Standard & Poor's was wrong to cut the European
Union's credit rating to AA+ from AAA since the 28 member
states' commitment to running a balanced EU budget was
underpinned by treaty.
S&P downgraded the EU for the first time on Friday, citing
rising tensions on budget negotiations. The move follows cuts to
the sovereign ratings of EU member states in recent months.
EU Economic and Monetary Affairs Commissioner Olli Rehn said
in a statement: "The Commission disagrees with S&P that member
states' obligations to the budget in a stress scenario are
questionable. All member states have always, and also throughout
the financial crisis, provided their expected contributions to
the budget in full and in time."