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BREXIT

Moody’s Changes U.K. Outlook To ‘Negative’

But affirms European Union’s “stable” rating.

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Stefan Wermuth/Reuters

Moody’s cut the United Kingdom’s outlook from “stable” to “negative” on Friday in reaction to its impending departure from the European Union. The rating is based on the country’s sovereign and long-term debt. The agency said it was concerned about the U.K.’s economic growth outlook. It also left its rating for the European Union at “stable.” Global markets were reeling from the so-called Brexit vote on Friday. The Dow Jones Industrial Average closed the trading day down by 611 points, erasing all 2016 gains. The British pound fell to a 31-year low.

Read it at Reuters

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