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

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.

"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)