Standard & Poor's says the European Central Bank's stress test of banks likely won't affect credit ratings of governments that have to step in to fill capital shortages. "We have in the euro area a much more balanced view than we had a year ago," said Moritz Kraemer, S&P's leading European sovereign analyst. "We only have negative outlooks on three countries: Belgium, Italy and Portugal, and positive outlooks on two: Ireland and Latvia. In none of those have we made an explicit reference to this [ECB assessment] ... so currently we do not expect that this would be a trigger for any rating changes."

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