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Ratings agency Standard & Poor's strips UK of top credit grade after Brexit vote

Published 27/06/2016

The UK has been stripped of its top credit grade by Standard and Poor's
The UK has been stripped of its top credit grade by Standard and Poor's

Standard & Poor's has stripped the UK of its top credit grade in the wake of the vote to leave the European Union.

The rating agency downgraded the country's sovereign rating by two notches, from AAA to AA, saying the vote is a "seminal event" that "will lead to a less predictable, stable and effective policy framework in the UK".

It is also keeping a negative outlook on the rating, which means it could downgrade the country further.

It added the outlook reflects the risk to the economy and public finances, as well as the pound's role as an international reserve currency.

Standard also cited "risks to the constitutional and economic integrity of the UK" as Scotland's strong vote to remain in the EU could raise the prospect of another referendum on Scottish independence.

AP

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