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Economy & Policy

Moody's cuts UK credit rating one notch to Aa1

Moody's Investors Service on Friday cut the United Kingdom's credit rating to Aa1 from Aaa, citing weakness in the nation's medium-term growth outlook that it now expects to extend for a number of years.

The outlook on the credit is stable, the firm said in a statement.

Moody's said that despite considerable structural economic strengths, growth is expected to be sluggish due to a combination of weaker global economic activity and the drag on the UK economy "from the ongoing domestic public- and private-sector deleveraging process."

(Reporting by Daniel Bases; Editing by James Dalgleish)