Moody's downgrades UK credit rating

Moody's took the UK's sovereign debt status down one notch to Aa3, from Aa2, noting that Britain's growth has been meaningfully weaker than expected and is likely to remain so in the future. The UK's economy saw a larger Q2 decline than any of its counterparts in the Group of Seven nations due to Covid-19, with its public debt having now topped £2trn, or over 100% of GDP. Moody's added that the UK would see a sharper peak-to-trough contraction than any other of the 20 largest economies due to the severity of its Covid outbreak, the make-up of its economy and risk of further outbreak...