Standard and Poor cuts European Union credit rating post Brexit

“We have reassessed our opinion of cohesion within the EU,” says the Agency. (Source: File Photo)

Ratings agency Standard and Poor’s cut the credit rating for the European Union by one notch today saying that the bloc had grown more uncertain after Brexit.

“After the decision by the UK electorate to leave the EU as a consequence of the June 23 consultative referendum, 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 in a statement.