Unic Press UK: Moody’s, a renowned credit rating and research corporation, has downgraded the United Kingdom in its report issued Friday.
The UK has now moved downwards to “Aa3”, which is a step lower than the country’s hitherto “Aa2” rating, the Moody’s report illustrates.
In a statement on its website, Moody’s attributed the downgrade to weak productivity growth and shaky business investment, making reference to the ramifications brought about the COVID-19 pandemic and the uncertainties of a Brexit.
Moody’s said the Government’s already-high debt will increase further in the course of the coronavirus issues.
A weakening of the UK’s policy-making framework underlie the economic and fiscal deterioration, Moody’s said.