Posted by: youngragingbull | February 22, 2013

Moody’s cuts U.K. AAA rating

Moody’s Investor Service late Friday cut its triple-A rating on the United Kingdom because of a weak growth outlook and the country’s rising debt burden.

Moody’s lowered its rating on the U.K.’s domestic and foreign-currency government bond ratings by one notch to Aa1 from Aaa. The outlook is stable.

Explaining the main reason for the downgrade, Moody’s said “the UK’s economic growth will remain sluggish over the next few years due to the anticipated slow growth of the global economy and the drag on the UK economy from the ongoing domestic public- and private-sector deleveraging process.”

 

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