Moody’s lowers United Kingdom

Moody's Investors Service said it downgraded the United Kingdom's long-term issuer rating to Aa2 from Aa1 and changed the outlook to stable from negative.

The United Kingdom’s senior unsecured bond rating was also downgraded to Aa2 from Aa1.

Concurrently, the agency also downgraded the Bank of England's issuer and senior unsecured bond ratings to Aa2 from Aa1. The short-term issuer ratings were affirmed at Prime-1.

The outlook was changed to stable from negative.

The agency said it expects weaker public finances going forward, partly linked to the economic slowdown under way but also reflecting the increasing political and social pressures to raise spending after seven years of spending cuts.

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