It is not only the UK sovereign which is under ratings pressure these days, as Standard & Poor’s opted to downgrade the European Union over greater uncertainties to the bloc’s cohesion following Britain’s “Brexit” vote last Thursday.The long-term rating on the supranational European Union was cut to 'AA' from 'AA+' and affirming the 'A-1+' short-term rating. Outlook remains stable.S&P said that the outlook reflected “our opinion that under most scenarios, including a UK withdrawal from future (though not current) budgetary commitments, our anchor ratings on the EU will remain at the current level of 'AA/A-1+'.”The ratings agency said that “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.

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