27Jun

Downgraded: U.K. loses perfect AAA credit rating

Standard & Poor’s downgraded the U.K. by two notches to AA on Monday, the latest fallout from last week’s shocking U.K. referendum to leave the European Union.

S&P warned that Brexit will “weaken the predictability, stability and effectiveness” of British policymaking. The ratings firm said Brexit may also lead to a “deterioration” of the British economy — especially its vitally-important banking industry — and could even trigger a “constitutional crisis” if there is another referendum on Scottish independence.

 

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Lynette Robbins

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Lynette Robbins