S&P Global Ratings cut the investment-grade credit rating of the European Union by a notch, saying the U.K.’s vote to leave the EU reduces its budget flexibility and reflects a loss of political solidarity.

The move comes two days after Fitch Ratings said the Brexit vote was unlikely to have an effect on its ratings for the EU, the European Investment Bank and the European Investment Fund. However, Fitch, which has the EU at the top triple-A rating, said it planned to monitor the situation for signs of weakening support from other member nations.

S&P now has the EU at double-A, the third-highest investment-grade rating. The credit ratings firm said the outlook is stable, reflecting S&P’s view that under most scenarios, including any U.K. withdrawal from future budget commitments, its current rating on the EU will stay at the current level. The stable outlook also reflects S&P’s view that no other member states will exit the EU.

Standard & Poor’s cut the U.K. a hefty two notches to AA from AAA Monday, with Fitch following with a one-notch move to AA. Both have a negative outlook.

On Thursday, S&P also said that as a result of the outcome of the June 23 referendum in the U.K., it has reassessed its previously positive opinion on EU solidarity to neutral. The credit ratings company also anticipated greater uncertainty in the future regarding the EU’s revenue forecasting, long-term capital planning and adjustments to its financial buffers.