By Marcus Leach

The European Union is in danger of receiving a credit rating downgrade by credit ratings agency Standard & Poor's.

Earlier this week S&P announced they would review the ratings of 15 of the 17 eurozone countries, and now the AAA rating of the 27-nation EU bloc is under threat.

Any rating cut would affect the bloc as a whole, including EU-wide bodies such as the European Investment Bank, but not non-eurozone members such as the UK.

"The credit watch on the EU is an expression of our concerns about the potential impact on the future debt service capacity of eurozone sovereigns, and therefore also the EU, in the context of what we view as deepening political, financial, and monetary problems within the eurozone," the rating agency said.

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