S&P lowers UK sovereign rating to AA from AAA

27 June 2016, 20:15
Sherif Hasan
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US ratings agency Standard & Poors adding their own verdict 27 June

  • downgrade also reflects risks of a marked deterioration external financing conditions

GBPUSD lower at 1.3180 as S&P join others in giving a thumbs down to Brexit.       

Still remembering to sell those GBP rallies ? Excellent.    

  • Negative outlook reflects risk to economic prospects, fiscal and external
  • cuts 2016-29 average GDP forecast to 1.1% yy vs 2.1% prev
  • sees possible correction in UK housing market
  • vote for Remain in Scotland and N Ireland also creates wider constitutional issues

What kept them so long to come up with that one ?

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