The rationale is far from surprising: a more uncertain outlook for the U.K. outside the European Union, with slower growth and higher borrowing... But enough about the English soccer team’s defeat by Iceland. Standard & Poor’s cut the U.K. a hefty two notches to AA from AAA Monday with Fitch following with a one-notch move to AA. The Brexit-related downgrades of the U.K.’s credit rating are a blow too, but more psychologically and politically than financially. Both have a negative outlook.

Source: Wall Street Journal June 28, 2016 11:47 UTC