S&P may downgrade European Union, large euro-zone banks

photoNEW YORK (Reuters) – Standard & Poor’s warned on Wednesday that it could cut the credit ratings of the European Union and large euro-zone banks if a mass downgrade of euro-zone countries materializes. S&P said on Monday it may downgrade nearly all 17 euro-zone countries if EU leaders fail to agree on a solution for the region’s debt crisis during Friday’s summit. The potential downgrade of the European Union has no impact on the ratings of other EU countries that are not part of the euro zone, a spokesman for S&P said. …

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