Moody's downgrades EU's outlook to negative

Moody's Investors Service has downgraded the European Union's outlook from "stable" to "negative," stating that its decision is linked to the recent outlook downgrade of the bloc's member countries, such as Germany and France.

"The negative outlook on the EU's long-term ratings reflects the negative outlook on the Aaa ratings of the member states with large contributions to the EU budget: Germany, France, the UK and the Netherlands, which together account for around 45 per cent of the EU's budget revenue," Moody’s said in a statement