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You didn’t have to be one of Europe’s more pressured sovereign borrowers to have suffered from the whiplash of contagion at the height of the European debt crisis. Triple-A supranationals were also adversely affected. “Three or four years ago, investors were happy to buy credits like EIB on the strength of the triple-A rating alone,” says Eila Kreivi, head of capital markets department at the European Investment Bank’s Luxembourg headquarters.
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