Moody's cuts UK's debt rating on weak economic growth

Ratings agency Moody's lowered the United Kingdom's sovereign debt rating to "Aa3" from "Aa2" on Friday, citing weakening economic and fiscal strength. The agency revised the outlook on the country's sovereign debt to "stable" from "negative."


Reuters | London | Updated: 17-10-2020 02:49 IST | Created: 17-10-2020 02:18 IST
Moody's cuts UK's debt rating on weak economic growth
Representative image. Image Credit: ANI
  • Country:
  • United Kingdom

Ratings agency Moody's lowered the United Kingdom's sovereign debt rating to "Aa3" from "Aa2" on Friday, citing weakening economic and fiscal strength. Negative long-term structural dynamics have been worsened by Britain's decision to leave the European Union and its subsequent inability to reach a trade deal that meaningfully replicates the benefits of EU membership, Moody's said in a statement.

The move comes as Prime Minister Boris Johnson said on Friday that the UK should get ready for a no-deal Brexit outcome, but stopped short of announcing that the country would exit the trade talks. The agency revised the outlook on the country's sovereign debt to "stable" from "negative."

 

 

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Give Feedback