The Rest of The World Is So Nervous: Moody’s strips U.K.’s Coveted AAA Rating, Chancellor Warned On Inflation, Euro Crisis Returns – In Italy, Spain And Cyprus, A ‘Steepening Downturn’ Across The Euro Area, And Berlusconi Is Coming Back!
Sunday, February 24, 2013 11:27
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Moody’s strips U.K.’s coveted AAA rating
Moody’s announced on Friday night that it had cut the Government’s bond rating one notch from ‘Aaa’ – the highest possible level – to ‘Aa1’.
The move is a significant setback for Chancellor George Osborne, who has faced criticism that his strategy for dealing with UK’s huge debt burden is failing to deliver.
Moody’s pointed to “continuing weakness in the UK’s medium-term growth outlook, with a period of sluggish growth which [it] now expects will extend into the second half of the decade”.
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