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Admin Reporter- POOJA1

Oct 17 2020


Moody's downgrades Britain's debt rating as Covid-19 and Brexit hit outlook

Saturday, 17 October 2020

By William Schomberg and Aditi Sebastian(Reuters) - Ratings agency Moody's cut the United Kingdom's debt rating on Friday over the huge economic hit from the coronavirus crisis, Brexit and the lack of clear budget plans from Prime Minister Boris Johnson's government.

 

 


Moody's lowered the rating to "Aa3" from "Aa2," putting Britain on the same level as Belgium and the Czech Republic.The world's sixth-biggest economy shrank by the most among Group of Seven nations in the second quarter and its public debt has topped 2 trillion pounds ($2.6 trillion), surpassing 100% of gross domestic product.Moody's said Britain's growth had been "meaningfully weaker than expected and is likely to remain so in the future."

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