S&P cuts rating on EU to 'AA' after Brexit

June 30, 2016 7:47 PM

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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+' but raised its outlook to "stable" from "negative" after the United Kingdom voted to leave the bloc.

S&P is the first major ratings agency to cut rating on the EU. Moody's maintained its 'AAA' rating last week.

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