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EU in threat over credit rating

Ratings agency Standard & Poor's says it is putting the European Union on review for a possible downgrade of its triple-A credit rating.

The move follows up on a similar action taken on Monday in regard to 15 of the 17 members of the euro because of the eurozone's debt crisis.

The eurozone member countries contribute 62% of the EU's revenues.

Standard & Poor's said its credit review would focus on the financial ability of eurozone countries to support the EU's repayment of its debts.

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From Belfast Telegraph