Despite the Chancellor’s assurance that the UK will face the future "from a position of strength", S&P has downgraded the UK’s AAA credit rating to AA, saying that the referendum result would "weaken the predictability, stability, and effectiveness of policymaking in the UK". Moody’s cut the UK's credit rating outlook to negative and Fitch has also lowered its rating from AA+ to AA, forecasting an "abrupt slowdown" in growth in the short-term.
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UK loses its AAA rating
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