The ratings agency Standard and Poor's says the UK will likely lose its "AAA" credit rating, after voters backed a referendum to leave the European Union. 

S&P Chief ratings Officer Moritz Kraemer told the Financial Times, "We think that a AAA-rating is untenable under the circumstances."  The agency previously said its AAA rating for Britain reflected its assumption that the referendum would deliver a vote to remain in the EU.

The Sterling has plunged to its lowest level against the US Dollar in 31 years, and Asian markets took a dive. The Nikkei in Tokyo had to suspend trading for a while to get control.  It closed down almost eight points.

But despite the global turmoil, Australia is well positioned according to Prime Minister Malcolm Turnbull.  "It is important to remember that the Australian economy is strong and resilient, and has weathered global shocks before and weathered them well," said the PM.

Mr. Turnbull also expressed confidence that Australia would maintain its "special relationship" with the UK while pursuing trade deals with the European Union.