Moody’s rating agency places UK on negative outlook

Posted on February 14, 2012

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The US credit ratings agency, Moody’s has placed the UK on negative outlook.

France and Austria, who also share a top triple A rating, have been similarly graded.

The credit ratings of Italy, Spain and Portugal have been downgraded.

In a statement, Moody’s blamed the euro area crisis for the adjustments citing the “susceptibility (of selected EU countries) to the growing financial and macroeconomic risks emanating from it.”

Responding to the ratings decision by Moody’s the Chancellor of the Exchequer said: “This is proof that, in the current global situation, Britain cannot waiver from dealing with its debts.”

The coalition government has come under increasing pressure to ease up on its austerity measures in the face of growing unemployment and stalled economic growth.

BBC

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