UK stripped of AAA rating by Big Two Credit Rating Agencies
On a day which has seen UK party politics in turmoil and the England national team crashing out of the EURO 2016 being defeated by microscopic Iceland, two of the three major international credit rating agencies have stripped the UK of its top credit rating, making it more expensive for households, companies and UK government alike to borrow money.
The rating was downgraded by two notches, from AAA to AA, by Standard & Poors and by one notch from AA+ to AA by Fitch. UK Growth forecasts were downgraded as well, and according to Fitch, “The Outlooks are Negative“.
Cover photo of Standard & Poors released under an CC BY-SA 2.0 by author Funky Tee.
