BBC News — UK's credit rating downgraded by Moody's

Moody's, one of the major ratings agencies, downgraded the UK to an Aa2 rating from Aa1.

It said leaving the European Union was creating economic uncertainty at a time when the UK's debt reduction plans were already off course.

Downing Street said the firm's Brexit assessments were "outdated".

The other major agencies, Fitch and S&P, changed their ratings in 2016, with S&P cutting it two notches from AAA to AA, and Fitch lowering it from AA+ to AA.

Moody's said the government had "yielded to pressure and raised spending in several areas" including health and social care.

It says revenues were unlikely to compensate for the higher spending....

If anyone is outdated it is the credit rating agencies. The US has been a currency sovereign since the demise of the gold standard and floating rates.

Morons. Can't tell the difference between a sovereign currency issuer and currency users.

Credit rating agencies, in essence, rate a country on the strength of its economy - scoring governments or large companies on how likely they are to pay back their debt.

A currency sovereign can always meet its obligations in the currency it issue fully and on time. Default or delay is a voluntary decision taken politically rather than the result of financial constraint.

What is wrong with these people?

BBC News
UK's credit rating downgraded by Moody's