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U.K. Rating at Risk of Downgrade by Moody’s, S&P on Brexit

  • S&P predicts period of uncertainty that may prevail for years
  • 52% of Britons voted to leave European Union in referendum
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U.K. Downgrade by Moody's Looms Following Brexit

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Moody’s Investors Service and S&P Global Ratings may lower the U.K.’s credit grade after the country voted to leave the European Union.

S&P will give the country 24-hours notice, including one working day, to lower the rating “at least one notch” from AAA, Moritz Kraemer, S&P’s global sovereign chief ratings officer, said in an interview on Bloomberg Television on Friday. Moody’s in a report later Friday lowered its outlook on the country to negative from stable, a move toward a downgrade. It has the U.K. one step lower than S&P, at Aa1. At the same time, it affirmed the EU’s top rating.