Monday, February 25, 2013

UK Pound falls as Moodys axe credit rating

moodys axe uk credit rating
The worth of sterling has dropped as the major fiscal markets reacted to loosing Britain's top AAA credit ratings.

The pound fell to a two-and-a-half year low compared to the dollar and a 16-month low compared to the Euro last Monday (25/02/13).

On Friday, Credit ranking agency Moody's reduced the UK's credit score.

The score is Moody's view on the ability of a country to pay back its debt and the last time last happened to the UK was in the 1970s.

However, the FTSE 100 share index started at 30 points on 6, 366, with some analysts saying a ratings downgrade was no real surprise.

The value of sterling, quietly edging down now for last few weeks, has been caused by concerns about the downward outlook towards the UK economy and the speculation that the AAA rating would probably be under threat.

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Sterling ended up being down 0. 1% compared with the dollar at $1. 5155, having fallen to $1. 5073 throughout trading in Asian countries earlier.

The Euro was up 0. 8% up against the pound at 87. 22 pence, close to a 16-month peak of 87. 75 pence.

The last weekend has seen the UK Government play down Moody's ratings move, but Labour described it to be a "humiliation" for the coalition and explained ministers must alter their  course.

Moody's downgrade involved a warning that growth would "remain sluggish" within the next few years. The agency stated the government's financial debt reduction programme had significant "challenges".

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UK Pound falls as Moodys axe credit rating