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Standard & Poor’s rating agency today downgraded the European Union by a notch to AA from AA+ and has placed the region under stable outlook from the previous negative status. The move highlights the political and economic pressures facing Europe along with the UK.
According to a statement issued by S&P, the move reflected weakening political cohesion following Brexit, and will force the remaining EU leaders to revamp their fiscal plans, including the framework for its budgetary contributions, following the departure of its third largest economy.
“After the decision by the U.K. electorate to leave the EU as a consequence of ... (read more)