THE GUARDIAN: Ratings agency cites weakening economy, Brexit woes and coronavirus shocks
Credit ratings agency Moody’s has downgraded Britain’s credit status, citing a decline in economic strength in the wake of the coronavirus pandemic and continued Brexit uncertainty.
With the government struggling to contain a second wave and ministers under pressure to sanction extra spending to protect businesses and jobs, Moody’s lowered the UK’s sovereign debt rating by one notch to Aa3 from Aa2.
The ratings agency said it expected that the public finances would worsen as a result of the pandemic, though it expected the overall debt burden to stabilise next year, leading it to drop the “negative outlook” attached to the rating to one of “stable”. » | Phillip Inman | Friday, October 16, 2020
