Standard&Poor's Ratings Services is frequently asked what the rating on the eurozone would be if it were a sovereign state. Sovereign ratings are based on a range of qualitative and quantitative factors, explained in our published criteria. To assess the creditworthiness of a central government we ask: Whether policymaking is effective and predictable, and does it promote balanced economic growth while responding to economic and political shocks? Is an economy balanced externally? Is the general government balance sheet sufficiently robust from a flow and stock perspective to enable countercyclical fiscal stimulus during periods of private sector stress? What are the contingent liabilities of the general government, and how likely are they to materialize as explicit government liabilities? Does
