Protecting Britain’s credit rating was a top priority of Conservative finance minister George Osborne when he came to power in 2010. It was the first time S&P had chopped an AAA-rated sovereign credit rating by two notches in one move. Standard & Poor’s stripped Britain of its last remaining top-notch credit rating, dropping it by two grades from “AAA” to “AA” and warning more downgrades could follow. Moody’s will downgrade the credit rating outlook for major British banks to “negative” on Tuesday because of the fallout from the vote to leave the EU, Sky News reported, citing sources. Photo: BloombergLondon: Britain suffered further blows to its economic standing on Monday as two top ratings agencies downgraded its sovereign credit score, judging last week’s vote to leave the European Union would hurt its economy.

Source: Mint June 27, 2016 21:56 UTC