S&P Lowers Outlook On UK to Negative, Citing Huge Debt Burden
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S&P lowered the UK's AAA credit rating outlook from "stable" to "negative" for the first time, citing the country's large debt burden.
S&P said, "We have revised the outlook on the U.K. to negative due to our view that, even assuming additional fiscal tightening, the net general government debt burden could approach 100 percent of gross domestic product and remain near that level in the medium term."
The news caused the pound to fall against the U.S. dollar and other currencies.
S&P said, "We have revised the outlook on the U.K. to negative due to our view that, even assuming additional fiscal tightening, the net general government debt burden could approach 100 percent of gross domestic product and remain near that level in the medium term."
The news caused the pound to fall against the U.S. dollar and other currencies.
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