Fitch affirms European Union AAA rating

Fitch Ratings has affirmed the European Union’s AAA issuer default rating with a stable outlook, based on the support of the economic bloc’s 27 member states.

The rating agency says despite rating downgrades for some members in the recent past, nine were still AAA-rated at the end of March.

The nine AAA-rated countries constituted 66% of gross national income-based contributions to the European Union’s budget.

The agency also highlighted the “highly conservative and prudential rules” set up for their lending and borrowing activities.

However, the agency says it would review the European Union’s ratings if the UK and France were to have their AAA ratings downgraded.