A disorderly Brexit may see further cuts to the U.K.’s credit rating, according to S&P Global Ratings.
S&P, which downgraded the U.K. by two notches to AA after the referendum, said in a statement Monday that such a scenario may become more likely if the nation’s lawmakers misjudge the European Union’s negotiating position. The firm said the EU’s self-preservation is at stake, meaning it is “unlikely to take a ‘soft’ line in the negotiations” lest it spark a domino effect of more member states opting to leave.