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S&P, Fitch and Moody’s cut UK’s credit rating after Brexit

by ChemOrbis Editorial Team -
  • 29/06/2016 (11:37)
According to media reports, Standard & Poor (S&P), Fitch and Moody’s cut credit ratings of the UK following the country’s Brexit vote last week.

Accordingly, S&P lowered the country’s sovereign rating from AAA to AA, while Fitch also downgraded it to AA from AA+. Both rating agencies reported that the UK’s vote to exit the EU may lead to deterioration of the UK’s economic performance in the short term.

On June 28, Moody’s also cut its outlook for the UK’s banking system from stable to negative.
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