LONDON -- Credit ratings agency Moody's Investors Service has downgraded Britain's government bond rating one notch from the top AAA to AA1, citing weaknesses in the economy's medium-term outlook.
Moody's said Friday that "subdued" growth prospects and a "high and rising debt burden" were weighing on the British economy. The British government is in the midst of a program of spending cuts designed to reduce the nation's hefty deficit, but a flat-lining economy has led it to downgrade its own estimates of future growth.
| This is what the medium-term future looks like. It's coming to the USA real soon now... |
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