Moody's decided to cut yesterday the outlook for Germany, Luxembourg and the Netherlands to negative but confirmed the AAA rating. The rating agency explained in a statement that: "The level of uncertainty about the outlook for the area and the potential impact of plausible scenarios on member states, are no longer consistent with stable outlooks".
The German Finance Ministry said the risks in the euro zone are “not new” and that Germany remains “in a very sound economic and financial situation.” In counterpoint to Moody’s, it cited the verdict of financial markets that have rewarded Germany with record low borrowing costs on government bonds.
The Moody's announcement may have a limited impact on the financial markets. After S&P stripped France and the U.S. of AAA grades, interest rates paid by the countries to finance their deficits dropped rather than rose
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