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EU slammed over ‘naive’ sovereign ratings plans

New rules aim to mitigate the negative impact that a sudden ratings downgrade or warning can have on a government’s capacity to raise funds

A market backlash erupted last week over proposals by EU politicians to treat the sovereign debts of their countries as a special case subject to credit rating review just three times a year.

The proposals have been branded "wild", "hopelessly naïve" and harmful to the European Union's reputation.

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