S&P cuts European Union's credit rating after Brexit

Ratings agency cites uncertainty after Brexit as reason for downgrade

Ratings agency Standard and Poor's cut the credit rating for the European Union (EU) by one notch stating that the bloc had grown more uncertain after Brexit.

"After the decision by the UK 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," the agency said in a statement.