Moody's downgrades UK credit rating on Brexit uncertainty

Concerns about impact on economic growth

The UK's credit rating has been cut by Moody's from Aa1 to Aa2, on concerns about the country's weakening public finances and the impact of leaving the European Union on economic growth.

Moody's had already removed the UK's prized AAA credit rating in 2013, when it downgraded the country to Aa1 on expectations growth will "remain sluggish over the next few years". In 2016, fellow ratings agency S&P downgraded the UK by two notches from AAA to AA, while Fitch lowered its score from AA+ to AA. At the end of last week, Moody's then made a further cut to its UK rating, warning Brexit negotiations were creating "a high level of uncertainty over the economic outlook" at a time when the UK's debt reduction plans were already under pressure. Moody's said it expects UK governm...