Fitch affirms EU's rating at AAA

Credit ratings agency Fitch has confirmed the European Union's long-term issuer default ratings at AAA.

The ratings for the EU are based on the support received from 27 member states. Despite downgrades of member states in 2011 and 2012, nine of the bloc countries were rated AAA at the end of March this year, constituting 66% of gross national income to the EU budget, said Fitch. According to Fitch, its rating also took into account the EU's highly conservative and prudential rules on lending and borrowing activities. Although EU loans increased substantially since 2008, to €40bn by the end of 2011, Fitch expects the rise in loans to be more moderate in coming years. However, Fitc...