UK: After S&P rating downgrade, things now look worse - BBH

Research Team at BBH, notes that the S&P cut its UK rating by a full rung to AA with a negative outlook. 

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“This shouldn't be a total surprise, but the move seems a bit aggressive given that we don't yet know the real impact of Brexit.  So, the UK has now lost its last AAA rating.  Moody's first moved it to Aa1 back in February 2013 while Fitch moved it to AA+ back in April 2013.  Fitch then cut its rating by a notch to AA with negative outlook late Monday afternoon.  A Moody’s downgrade seems like a lock, since its last move to Aa1 was made back in early 2013.”