UK rating cut by S&P and Fitch

The UK was stripped of its top credit grade by S&P Global Ratings, and Fitch Ratings also lowered its rank, the latest crushing verdicts on the country's decision to leave the European Union that has left it in political and economic paralysis. S&P reduced the grade by two steps to AA from AAA, citing the risk of a less predictable, stable, and effective policy framework in the UK.

Fitch cut its credit rank by one step, to an equivalent level. Both have negative outlooks. The downgrade "reflects the risks of a marked deterioration of external financing conditions" and constitutional