Britain yesterday became the first large economy to be warned in the financial crisis that it might lose its top-notch credit rating, in a move that raised fears of possible downgrades for other big industrialised nations.
Standard and Poor’s, the credit ratings agency, warned that the medium-term outlook on the UK’s triple A rating on its debt was now “negative” rather than “stable” for the first time since it started analysing its public finances in 1978.
Though the agency lowered its outlook to negative, it affirmed its “AAA” long-term and “A-1+” short-term sovereign credit ratings.
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