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The financial services company, Standard and Poor's, has cut the credit rating of the European Union after the Brexit. The credit ratings agency says the EU has lost its status as a safe haven for investments. The union’s rating is downgraded by one notch from double-A-PLUS to double-A. The move will increase the borrowing costs for the 28-member bloc. The Britain’s leave vote has had a detrimental effect on the global economy. It has wiped a record 3 trillion dollars off global shares and the pound fell to its lowest level in decades against the dollar. British Prime Minister David Cameron also warned that the UK faces troubled economic times ahead. Watch Live: http://www.presstv.com/live.html Twitter: http://twitter.com/PressTV LiveLeak: http://www.liveleak.com/c/PressTV Facebook: http://www.facebook.com/PRESSTV Google+: http://plus.google.com/+VideosPTV Instagram: http://instagram.com/presstvchannel Dailymotion: http://www.dailymotion.com/presstv