S&P warns UK's AAA rating 'untenable' after referendum outcome

Top rating under threat

Ratings agency Standard & Poor's has said the UK's AAA rating is now 'untenable' following the country's decision to leave the European Union.

According to the Financial Times, the ratings agency gave the UK the top AAA rating on the basis it would vote to remain in the EU in the referendum. However, the vote to leave the euro area in yesterday's referendum may put the country's rating at threat, the agency has warned. Moritz Kraemer, chief ratings officer for S&P, said: "We think that a AAA-rating is untenable under the circumstances." The UK government would be given 24 hours notice ahead of any downgrade, it added.  Rival rating agencies Moody's and Fitch already downgraded their top ratings in 2013, down to t Aa1 a...