Dagong Cuts U.K. Debt Rating on ‘High’ Deficit, Economic Outlook

Dagong Global Credit Rating Co., one of China’s official ratings firms, cut its credit ranking for the U.K. citing the nation’s deteriorating ability to repay debt, the company said in an e-mailed statement today.

Beijing-based Dagong lowered the nation’s rating by one level to A+, its fifth highest, with a negative outlook, the statement said. It ranks China three grades higher at AA+.