Saturday, 8 May 2010

UK credit rating safe - for now

Ratings agency statements helped stem the losses in UK government bond prices after a torrid few days

Credit ratings agencies have rushed to reassure jittery markets that Britain's coveted top notch rating is not under immediate threat following an inconclusive election result.

Investors fear that the incoming government will lack the firepower to cut Britain's deficit swiftly enough to stay the hand of agencies such as Standard & Poor's that have recently cut their assessment of Greece and Spain. But both S&P and Moody's today say nothing in their view of the UK will change for now.

Their remarks leave the door open for downgrades later in the year, but they helped stem losses in government bond prices which had sold off sharply this morning. more...


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