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U.K. Rating Cut Two Levels by S&P, One by Fitch After Brexit

  • S&P cites risks to policy framework, constitutional issues
  • 52% of Britons voted to leave European Union in referendum
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U.K. Credit Rating Cut to AA by S&P With Negative Outlook

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The U.K. was stripped of its top credit grade by S&P Global Ratings, and Fitch Ratings also lowered its rank, the latest crushing verdicts on the country’s decision to leave the European Union that has left it in political and economic paralysis.

S&P reduced the grade by two steps to AA from AAA, citing the risk of a less predictable, stable, and effective policy framework in the U.K. Fitch cut its credit rank by one step, to an equivalent level. Both have negative outlooks.