Reuters

(Reuters)

S&P Cuts Rating on EU to 'AA' After Brexit

Economic Indicators Reuters

Standard & Poor's Global Ratings said on Thursday it had cut its long-term credit rating on the European Union to 'AA' from 'AA+' after the United Kingdom voted to leave the bloc.

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"After the decision by the UK electorate to leave the EU...we have reassessed our opinion of cohesion within the EU, which we now consider to be a neutral rather than positive rating factor," the agency said. (http://bit.ly/295BXgp)

The UK voted to leave the European Union last week, plunging global markets into turmoil.

(Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Don Sebastian)

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