U.K. Credit Rating Downgraded After Brexit

The United Kingdom’s credit rating was downgraded to double-A from triple-A by Standard & Poor’s on Monday in response to the country’s referendum to leave the European Union. The ratings agency also changed its outlook on the U.K. to “negative,” and warned of “a deterioration of the U.K.’s economic performance, including its large financial-services sector.” Later Monday, ratings agency Fitch also downgraded the country, to AA negative. Global markets have taken a significant hit since the referendum results were officially verified, and the British pound plummeted to a 31-year low Monday. On Friday, Moody’s cut Great Britain’s outlook to negative.