INTERNATIONAL: UK loses top credit rating from S&P

By BBC

_90133752_canary.wharf.gherkin.paBBC – The UK has lost its top AAA credit rating from ratings agency S&P following the country’s vote to leave the EU.

S&P said the the referendum result could lead to “a deterioration of the UK’s economic performance, including its large financial services sector”.

Earlier the pound plunged to a 31-year low against the dollar, and UK markets closed lower for a second day.

S&P had been the only major agency to maintain a AAA rating for the UK.

On Friday, Moody’s cut the UK’s credit rating outlook to negative.

A rating downgrade can affect how much it costs governments to borrow money in the international financial markets. In theory, a high credit rating means a lower interest rate (and vice versa).

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