S&P downgrades UK credit rating

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Triple A's

DW – June 27, 2016

Ratings agency Standard & Poor’s has removed the UK’s coveted top credit rating status because of its vote to leave the European Union. S&P was the last of the big three credit assessment agencies to do so.

US ratings agency Standard & Poor’s on Monday stripped the United Kingdom of its last remaining top-notch credit rating, slashing its AAA status by two notches and warning more downgrades could follow after Britons voted to leave the EU.

“In our opinion, this outcome [the pro-Brexit vote] is a seminal event and will lead to a less predictable and less effective policy framework in the UK,” the agency said in a statement.

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