Sunday 25 September 2016

S&P says Brexit would prompt swift downgrade of Britain

Maria Sheahan

Published 23/06/2016 | 07:37

There's only one event this week set to dominate the business news agenda - the UK EU referendum.
There's only one event this week set to dominate the business news agenda - the UK EU referendum.

A downgrade of Britain's AAA credit rating by Standard and Poor’s (S&P) could come quickly after a vote in favour of leaving the European Union, S&P chief sovereign ratings officer Moritz Kraemer told German daily Bild.

  • Go To

"If Great Britain decides for a Brexit in the EU referendum on Thursday, then the AAA credit rating would come due and would be downgraded within a short period of time," Bild quoted Kraemer as saying in a summary of an article to be published on Thursday.

Kraemer repeated that the political situation in Britain would become less predictable and rational, partly because there was no real post-Brexit plan, Bild reported.

Kraemer said in April that a leave vote would likely lead to a downgrade of Britain's rating, given the country's deep political, financial and trading ties in Europe.

Reuters

Read More

Promoted articles

Editors Choice

Also in Business