...LONDON (S&P Global Ratings) April 1, 2019--Risks remain to the U.K.'s orderly departure from the EU. Last week, the U.K. parliament rejected the terms of withdrawal (the Withdrawal Agreement) negotiated by the government and the EU for the third time. While there does not appear to be adequate support in the U.K. parliament for leaving the EU without a deal, an alternative option with majority backing is yet to emerge. Between today and the new deadline of April 12, parliament will attempt to determine which form of the U.K.'s future relationship with the EU commands the most support. The way forward is uncertain though, not least because the indicative votes are not binding on the government. Moreover, the U.K. staying in the EU beyond May 22, and indeed April 12, is conditional upon the EU agreeing to grant an extension. We believe, however, that if an alternate course of action garners a majority in Westminster, the EU will grant the U.K. a longer extension subject to the U.K.'s participation...
