Recent affirmations by Moody’s and Fitch of the European Union’s Aaa/AAA ratings with stable outlooks underscore the primary driver behind the 74% market-implied probability against a downgrade before 2027. Agencies highlight the bloc’s unique joint-and-several support framework, backed by high-rated contributors such as Germany, which covers debt service through the own-resources ceiling even as outstanding EU bonds approach €1 trillion by end-2027. While France’s Aa3 negative outlook and fiscal pressures reflect localized risks, these have not translated into broader EU rating pressure. The stable consensus prices in resilient member-state commitments ahead of 2028–2034 Multiannual Financial Framework negotiations, with any shift hinging on material deterioration among core net contributors.