S&P Cuts U.K.'s Credit Rating by Two Notches After Brexit

Europe Reuters

Ratings agency Standard & Poor's hit Britain with a two-notch downgrade to its credit rating on Monday and warned it could cut it further after Britons voted to leave the European Union last week.

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"The negative outlook reflects the risk to economic prospects, fiscal and external performance, and the role of sterling as a reserve currency, as well as risks to the constitutional and economic integrity of the UK if there is another referendum on Scottish independence," S&P said.

S&P had been the only major ratings agency to maintain a triple-A rating for Britain. (Reporting by Andy Bruce, editing by William Schomberg)

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