S&P Cuts UK’s Credit Rating By Two Notches After Brexit

@reuters
S&P Cuts UK’s Credit Rating By Two Notches After Brexit

LONDON (Reuters) – Ratings agency Standard & Poor’s hit Britain with a two-notch downgrade to its credit rating on Monday and warned it could cut it further after Britons voted to leave the European Union last week.

“The negative outlook reflects the risk to economic prospects, fiscal and external performance, and the role of sterling as a reserve currency, as well as risks to the constitutional and economic integrity of the UK if there is another referendum on Scottish independence,” S&P said.

S&P had been the only major ratings agency to maintain a triple-A rating for Britain.

 

Reporting by Andy Bruce, editing by William Schomberg

Photo: Vote Leave supporters holds up Union flags in Westminster after Britain voted to leave on the European Union in London, Britain, June 24, 2016.     REUTERS/Toby Melville

 

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Danziger Draws

Jeff Danziger lives in New York City and Vermont. He is a long time cartoonist for The Rutland Herald and is represented by Counterpoint Syndicate. He is the recipient of the Herblock Prize and the Thomas Nast (Landau) Prize. He served in the US Army in Vietnam and was awarded the Bronze Star and the Air Medal. He has published eleven books of cartoons, a novel and a memoir. Visit him at DanzigerCartoons.

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