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S&P cuts European Union's credit rating after Brexit

Ratings agency cites uncertainty after Brexit as reason for downgrade

European Union (EU) flags fly in front of the European Central Bank (ECB) headquarters in Frankfurt, Germany
European Union (EU) flags fly in front of the European Central Bank (ECB) headquarters in Frankfurt, Germany
APF | PTI Brussels
Last Updated : Jul 01 2016 | 7:46 AM IST
Ratings agency Standard and Poor's cut the credit rating for the European Union (EU) by one notch stating 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.

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First Published: Jul 01 2016 | 7:22 AM IST

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