OSLO: Ratings agency Standard and Poor’s (S&P) on Thursday cut the credit rating for the EU by one notch, saying that the bloc had grown more uncertain after Brexit. S&P cut the EU’s rating to “AA,” still the third-highest possible level, from “AA+” with a “stable” outlook, which signifies that the agency believes no further cut would be necessary in the medium term.
On Monday, both S&P and Fitch downgraded Britain’s rating citing the referendum that decided an exit from the EU. S&P cut the country’s rating from the top “AAA” to “AA,” while Fitch lowered its rating from “AA+” to “AA.”
