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June 24, 2014 AT 4:00 AM
A senior Standard & Poor’s official said on Tuesday that Euro zone countries still have much work to do to cut debt and boost growth and their credit ratings are unlikely to rise until they get their economies into better shape. Moritz Kraemer, S&P's head of sovereign ratings for Europe, Middle East and Africa, told Reuters in an interview that he saw a "calm period ahead" for ratings actions in Europe.