UK loses perfect AAA credit rating

Standard & Poor's downgraded the United Kingdom by two notches to AA yesterday, the latest in the fallout from last week's referendum to leave the European Union.

S&P officials said Brexit would "weaken the predictability, stability and effectiveness" of policymaking in the country and discourage foreign investment.

The rating agency also kept a negative outlook on the United Kingdom, indicating further downgrades are possible.

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