Rising euro-area debt-to-GDP ratios near 90% and elevated deficits projected through 2027 have prompted country-level rating actions, yet major agencies maintain AAA ratings with stable outlooks for the European Union and Euratom themselves. Scope and Fitch cite robust joint-and-several support from highly rated member states, long debt maturities, and the own-resources ceiling as key stabilizers that limit near-term downgrade risk. Recent Middle East-related energy shocks have widened some sovereign spreads and prompted fiscal exceptions, but EU-level institutional safeguards and contained fragmentation have preserved trader consensus around a low probability of an EU-wide cut before 2027. Upcoming medium-term fiscal reviews and 2027 budget negotiations remain the principal catalysts to watch.