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U.K. Loses Moody’s Triple-A Rating
Moody's Investors Service has lowered its credit rating for U.K. government debt by one notch to Aa1, one step below the highest investment grade rating.
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Moody's Investors Service has lowered its credit rating for U.K. government debt by one notch to Aa1, one step below the highest investment grade rating.
The ratings service predicts that the country's economic growth will remain sluggish for the next few years. Moody's expects the U.K.'s debt to continue to mount until it peaks at about 96% of gross domestic product in 2016.
The ratings downgrade will likely raise the country's borrowing cost on that debt.
Moody's says the U.K.'s rating remains relatively high because of its underlying economic strength and the government's commitment to fiscal austerity.
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