Britain's credit rating downgraded from AAA to Aa1

The Telegraph ^ | February 22, 2013 | James Hurley

[John W]

Moody’s announced on Friday night that it had cut the Government’s bond rating one notch from ‘Aaa’ – the highest possible level – to ‘Aa1’.

The move is a significant setback for Chancellor George Osborne, who has faced criticism that his strategy for dealing with UK’s huge debt burden is failing to deliver.

Moody’s pointed to “continuing weakness in the UK’s medium-term growth outlook, with a period of sluggish growth which [it] now expects will extend into the second half of the decade”.

The credit ratings agency also noted that the Government's debt reduction programme faced significant "challenges" and that the UK's huge debts are unlikely to "reverse before 2016".

[PGalt]

It’s about time!

[Gay State Conservative]

When the current government took power a top incoming official of the British Treasury found a note in an otherwise empty desk drawer saying “sorry,all the money's gone”.I'll wager that Geitner left a similar note in his top drawer for his successor.