Friday, February 22, 2013

UK Loses AAA Rating

Rating agency Moody's has cut Britain's debt rating from the top-grade AAA to AA1, citing slow growth and a rising debt burden.

Moody's said the main reason for the downgrade was "increasing clarity that, despite considerable structural economic strengths, the UK's economic growth will remain sluggish over the next few years."

The downgrade by one notch could make it more difficult for Britain to borrow on international markets.