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S&P confirms UK’s AAA rating, but warns of risks

Dec 21 2013, 15:55 IST
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SummaryStandard & Poor’s confirmed Britain’s last remaining triple A credit rating on Friday.

Standard & Poor’s confirmed Britain’s last remaining triple A credit rating on Friday, but said it could cut the top-notch ranking if the country’s economic recovery was not sustained.

Rival ratings agencies Moody’s and Fitch both downgraded Britain from AAA earlier this year.

S&P affirmed the UK’s long-term sovereign rating at AAA/A-1+ and said the government continued to benefit from its “exceptional monetary flexibility”.

The agency said that while Britain’s economy was recovering on the back of private consumption and residential investment, the outlook remained negative, reflecting risks to the sustainability of economic growth.

The Moody’s and Fitch downgrades were a blow to

finance minister George Osborne, whose refusal to ease back on his austerity drive to help cut the fiscal deficit has been somewhat vindicated by a turnaround in the economy.

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