As S&P Downgrades EU Debt, Watch "Cohesion" Among Wealthy Nations Going Forward

EU debt takes a hit. Like the Swiss and the United Kingdom before them, Standard & Poor’s ratings agency has downgraded the European Union. The move to rate the supernational’s debt at AA, down one notch from AA+, comes after it downgraded the UK debt. Brexit results in downgrade of UK and EU debt Both the downgrade of the EU and the UK have a single performance driver underlying the thesis: Brexit. Immediately following the June 23 vote to leave the EU, UK debt was downgraded two notches by S&P. The ratings agency said that the vote to leave the…