S&P, Fitch downgrade UK credit rating after Brexit

S&P said the the referendum result to leave the European Union could lead to "a deterioration of the UK's economic performance, including its large financial services sector".

PTI| Last Updated: Jun 28, 2016, 02:38 AM IST
S&P, Fitch downgrade UK credit rating after Brexit

London: The UK has lost its top AAA credit rating from ratings agency S&P following the country's Brexit vote last week.

S&P said the the referendum result to leave the European Union could lead to "a deterioration of the UK's economic performance, including its large financial services sector".

Rival agency Fitch also lowered its rating from AA+ to AA, forecasting an "abrupt slowdown" in growth in the short-term.

This follows Moody's downgrade on Friday, the day the referendum results were announced.