S&P cuts European Union's rating from AA+ to AA

S&P Global has cut its credit grade for the European Union after Britain's vote to leave.

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LONDON - Ratings agency Standard & Poor's Global has cut its credit grade for the European Union after Britain's vote to leave.

It says the UK's decision has triggered "greater uncertainty" over long term economic and financial planning.

S&P has cut the EU rating from AA+ to AA after reassessment of cohesion within the EU, which it now considers to be a neutral rather than positive.

It says the British vote had triggered "greater uncertainty" over long term economic and financial planning.

Just four days ago S&P also cut the UK's credit rating by two notches from AAA to AA, saying Brexit could hit the economy and financial sector.

A number of economists have already warned about the consequences of leaving the EU.