S&P reaffirms UK triple A rating

Credit rating agency Standard & Poor's has warned of the continuing negative outlook for the UK economy, but reaffirmed its triple A rating for the country.

S&P said it may downgrade the UK from the highest rating in the future if economic conditions worsen and the government's current plans change course. If it took this action, S&P would be following in the footsteps of Moody's which in February became the first rating agency to downgrade the UK from triple A status. S&P said: "The outlook remains negative, reflecting our view of at least a one-in-three chance that we could lower the ratings if the UK's economic and fiscal performances were to weaken beyond our current expectations." It now expects the UK economy to grow by an averag...