Thursday, 28 January 2010

How long before the UK's credit rating drops?

Further to this post pointing out that:
"Standard and Poors have just revised their outlook rating of the UK. The UK is now had its outlook revised from stable to negative"
I now read on Reuters that:
"The United Kingdom is no longer classified as being among the most stable and low-risk banking systems in the world, credit rating agency Standard & Poor's said on Thursday.

Britain's weak economy will continue to hinder the credit profile of its banking industry, S&P said in a report, adding it expected the unwind of high levels of debt to weigh heavily on economic growth prospects and banks' financial performance.

"We no longer classify the United Kingdom (AAA/Negative/A-1+) among the most stable and low-risk banking systems globally," Standard & Poor's Ratings Services said."

Hasn't Gordon Brown done a great job in destroying the UK economy and particularly the banking sector? If it was done deliberately it was a work of evil genius, if accidentally then he's a bigger fool than even I thought back in 1995.

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