Summary: European Union Sep 11

Standard & Poors, September 2011

Abstract
Standard & Poor's Ratings Services considers that the ratings on the European Union (EU) benefit from the following layers of support from member states: The EU can use its own cash balances or draw on the assets in accounts it has with member states, through which member states make "own-resource" payments to the EU on a monthly basis. These funds can be appropriated for debt service, whether or not they have been committed elsewhere. Member states are legally obliged to balance the EU budget. The annual level of EU payments to member states has been set at 1.07% of EU-27 gross national income (GNI) over the period 2007–2013. Member states are committed (under COM[2010]160) to release funds to cover these...

Companies mentioned in this report are:
- European Union
- European Coal & Steel Community in Liquidation
- European Investment Bank
- European Atomic Energy Community

Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- European Union
- European Coal & Steel Community in Liquidation
- European Investment Bank
- European Atomic Energy Community

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