July 23 – Moody’s Investors Service has today revised to negative from stable the outlooks on the AAA sovereign ratings of Germany, the Netherlands and Luxembourg, citing among other things, the rising uncertainty regarding the outcome of the Euro area debt crisis.

The current policy framework and the increased susceptibility to event risk stemming from the ever increasing likelihood of Greece’s exit from the Euro area, including the broader impact that such an event would have on Euro area members, particularly Spain and Italy, has forced the downgrade on these core EU members.