Fitch Cuts U.K.'s Rating To 'AA,' Trims 2016 GDP Growth Outlook

Fitch Ratings lowered the U.K.'s credit rating to AA from AA+ on Monday, the second ratings agency to downgrade the sovereign following the country's decision to leave the European Union. "Uncertainty following the referendum outcome will induce an abrupt slowdown in short-term GDP growth, as businesses defer investment and consider changes to the legal and regulatory environment," said Fitch in a statement. It also revised down its outlook on the U.K.'s economic growth to 1.6% from 1.9% in 2016. The outlook on the rating is negative. S&P Global Ratings earlier Monday stripped the U.K. of its triple-A rating, downgrading the country to AA. Moody's Investors Service could follow suit soon after it changed the outlook on U.K.'s Aa1 rating to negative from stable on Friday.