European Union’s Credit Rating Cut by S&P After Brexit Vote
S&P Cuts European Union to AA, Outlook to Stable
This article is for subscribers only.
The European Union had its debt downgraded by S&P Global Ratings as the aftershocks of the U.K. vote to abandon the 28-nation bloc reverberated across global markets.
S&P lowered the rating to AA from AA+, citing fiscal concerns for the EU once it loses one of its wealthiest contributors. That puts the EU in the same league as Kuwait and Qatar, below Finland and Austria.