S038;P cuts EU8217;s 8216;AAA8217; credit rating

Credit agency Standard amp; Poors cut its triple-A rating of the European Union by one notch on Friday,saying it had concerns about how the blocs budget was financed,a view EU leaders and other officials dismissed as misguided.

Standard amp; Poors announcement came the day after the EU reached a deal to overhaul the regions banking sector,a pact many commentators said fell short of expectations,although Samp;P said it had not factored into its credit assessment.

In our opinion,the overall creditworthiness of the now 28 European Union member states has declined, the rating agency said.