S&P Downgrades European Union From AA+ To AA

They must have heard about George Soros urging the EU to borrow multi-billions:)

The S&P statement:

Long-Term Rating On Supranational Institution The European Union Lowered To 'AA' On Brexit Referendum; Outlook Stable

The European Union (EU) supranational borrows on the capital markets to lend  to member states and certain other governments on a back-to-back basis. The  long-term rating on the EU partly relies on the capacity and willingness of  its 28 members to support it. We currently rate the EU at 'AA'.)

OVERVIEW

After the decision by the U.K. electorate to leave the EU as a consequence of the June 23 consultative referendum, we have reassessed our opinion of  cohesion within the EU, which we now consider to be a neutral rather than  positive rating factor.

We think that, going forward, revenue forecasting, long-term capital  planning, and adjustments to key financial buffers of the EU will be  subject to greater uncertainty.

As a consequence, we are lowering our long-term rating on the supranational European Union to 'AA' from 'AA+' and affirming the 'A-1+'  short-term rating.

The outlook is stable, reflecting our opinion that under most scenarios, including a U.K. withdrawal from future (though not current) budgetary   commitments, our anchor ratings on the EU will remain at the current level of 'AA/A-1+'.

RATING ACTION

On June 30, 2016, S&P Global Ratings lowered its long-term issuer credit rating on supranational institution, the European Union (EU), to 'AA' from  'AA+'. The 'A-1+' short-term rating was affirmed. The outlook is stable.