LONDON (S&P Global Ratings) July 23, 2019--Boris Johnson has been announced as the winner of the Conservative Party leadership contest, and will shortly replace Theresa May as the prime minister of the U.K. (unsolicited AA/Negative/A-1+). During his campaign, Mr. Johnson committed to the U.K. leaving the EU with or without a deal on Oct. 31, 2019, the revised Brexit date. It remains to be seen whether the U.K. parliament will allow a no-deal outcome. Over the next few weeks, the new PM is likely to announce changes to the cabinet while parliament goes into recess. With party conference season in September, there is limited time for fresh negotiations with the EU. While the latter is unwilling to reopen the Withdrawal
