Moody's Agency Downgraded Britain's Credit rating after May's Speech

Moody's downgrades its UK credit rating after Prime Minister Theresa May's speech on the Brexit negotiations. Late yesterday, the international rating agency lowered the long-term rating of the British debt from Aa1 to Aa2 with a stable outlook, world agencies reported. According to Moody's, Brexit creates uncertainty and will severely affect the economy.

"While watching Theresa May's speech, I do not think it contains anything that will make us change our assessment," a Moody's official said on Saturday. "Over the next few years, we have much less confidence that the UK government will be able to meet its plans to cut debt - we are talking about a very heavy debt burden - maybe to reach some form of agreement with the EU that holds a substantial part of their rights, "said Alistair Wilson, managing director of global sovereign risk in Moody's, quoted by Dnevnik.