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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    S&P, Fitch slash Britain's credit ratings

    Lobo
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    • Post n°1

    S&P, Fitch slash Britain's credit ratings Empty S&P, Fitch slash Britain's credit ratings

    Post by Lobo Mon 27 Jun 2016, 7:17 pm

    S&P, Fitch slash Britain's credit ratings



    S&P, Fitch slash Britain's credit ratings Ukeu
    Getty Images
    By Sylvan Lane - 06/27/16 02:22 PM EDT
    Standard & Poor's Global Ratings and Fitch Ratings slashed the United Kingdom’s credit grade on Monday in the wake of the country’s stunning referendum vote to leave the European Union.
    S&P dropped the U.K.’s credit rating from AAA to AA, according to multiple reports, while Fitch's demoted the U.K.'s grade from AA+ to AA, pointing to the economic risk and uncertainty stemming from last Thursday’s vote.
    "In our opinion, this outcome is a seminal event, and will lead to a less predictable, stable, and effective policy framework in the U.K,” the agency said in a statement obtained by CNBC. “We have reassessed our view of the U.K.'s institutional assessment and now no longer consider it a strength in our assessment of the rating,"
    "Fitch believes that uncertainty following the referendum outcome will induce an abrupt slowdown in short-term GDP growth, as businesses defer investment and consider changes to the legal and regulatory environment," said Fitch. "Medium-term growth will also likely be weaker due to less favourable terms for exports to the EU, lower immigration and a reduction in foreign direct investment."
    The U.K.'s vote to exit the EU, or the Brexit, roiled global financial markets and sank the value of British pounds.
    It also set off a political firestorm in the U.K. Prime Minister David Cameron of the ruling Conservative Party announced his intention to leave his post hours after the vote was tallied. The rival Labour Party saw at least 10 members of its leadership resign after party chief Jeremy Corbyn fired a top deputy, according to The Washington Post.
    The decision also threatens the U.K.’s unity, with Scottish and Northern Irish leaders exploring attempts at independence.
    "The negative outlook reflects the risk to economic prospects, fiscal and external performance, and the role of sterling as a reserve currency, as well as risks to the constitutional and economic integrity of the U.K. if there is another referendum on Scottish independence,” said S&P.
    The rating drop came shortly after Moritz Kraemer, chief rating officer for S&P, told the Financial Times that the U.K.’s ranking “is untenable under the circumstances.”
    The agency dropped the United States’ crediting rating from AAA to AA+ in August 2011 while the White House and congressional Republicans squabbled over the country’s debt crisis.
    http://thehill.com/policy/finance/285039-sp-slashes-britains-credit-raiting
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