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United Kingdom

steve2470

(37,457 posts) Fri Feb 22, 2013, 07:49 PM Feb 2013

UK loses top AAA credit rating for first time since 1978

http://www.bbc.co.uk/news/business-21554311

The UK has lost its top AAA credit rating for the first time since 1978 on expectations that growth will "remain sluggish over the next few years".

The ratings agency Moody's became the first to cut the UK from its highest rating, to Aa1.

Moody's said that the government's debt reduction programme faced significant "challenges" ahead.

Chancellor George Osborne said the decision was "a stark reminder of the debt problems facing our country".

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