Germany downplays negative outlook from Moody’s

Jul 24, 2012, 6:23 AM

BERLIN (AP) – The German government has downplayed the decision of ratings agency Moody’s to place Europe’s biggest economy on a negative outlook.

The Finance Ministry noted in a statement late Monday that Moody’s Investors Service had kept Germany’s Aaa credit rating, the highest possible.

But Moody’s had also lowered the outlook for Germany, the Netherlands and Luxembourg, citing the mounting uncertainty over the debt crisis in Europe and the possibility that those stronger countries would have to provide aid to Spain or Italy.

The government said the risks cited by Moody’s weren’t new and were largely based on a short-term assessment.

It said Germany “remains in a very solid economic and financial situation.”

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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Germany downplays negative outlook from Moody’s