Standard and Poor's confirmed that the European Union's long-term and short-term issuer credit ranking is still retaining top rating of AAA/A-1+, yet with negative outlook due to the high uncertainty clouding the outlook of the euro area member nations.

However, S&P said we could lower the ratings on the EU if the number of AAA rated member states decreases, or if the EU's headroom decreases compared with its annual debt service, or if member states default on payment obligations to the EU.