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Ratings agencies rip into UK's credit score after Brexit vote
Source: Reuters
Markets | Mon Jun 27, 2016 6:08pm EDT
Ratings agencies rip into UK's credit score after Brexit vote
LONDON | BY ANDY BRUCE
Britain suffered further blows to its economic standing on Monday as two top ratings agencies downgraded its sovereign credit score, judging last week's vote to leave the European Union would hurt its economy.
Standard & Poor's stripped Britain of its last remaining top-notch credit rating, dropping it by two grades from "AAA" to "AA" and warning more downgrades could follow.
Fitch Ratings also downgraded its ranking for Britain's creditworthiness by one notch, and similarly said more cuts could follow.
The ratings agencies effectively added a rubber stamp to the market's view of the Brexit vote, as sterling tanked to a 31-year low against the U.S. dollar on Monday and stock markets fell for a second trading day since the referendum last Thursday.
It was the first time S&P had chopped an AAA-rated sovereign credit rating by two notches in one move.
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Ratings agencies rip into UK's credit score after Brexit vote
LONDON | BY ANDY BRUCE
Britain suffered further blows to its economic standing on Monday as two top ratings agencies downgraded its sovereign credit score, judging last week's vote to leave the European Union would hurt its economy.
Standard & Poor's stripped Britain of its last remaining top-notch credit rating, dropping it by two grades from "AAA" to "AA" and warning more downgrades could follow.
Fitch Ratings also downgraded its ranking for Britain's creditworthiness by one notch, and similarly said more cuts could follow.
The ratings agencies effectively added a rubber stamp to the market's view of the Brexit vote, as sterling tanked to a 31-year low against the U.S. dollar on Monday and stock markets fell for a second trading day since the referendum last Thursday.
It was the first time S&P had chopped an AAA-rated sovereign credit rating by two notches in one move.
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Read more: http://www.reuters.com/article/us-britain-eu-s-p-idUSKCN0ZD2EM
