Skip to comments.U.K. Is Stripped of Triple-A Rating
Posted on 02/22/2013 11:30:33 PM PST by Berlin_Freeper
Moody's Investors Service stripped the United Kingdom of its triple-A credit rating, predicting economic weakness will weigh on public finances for years to come.
Moody's lowered the U.K.'s domestic and foreign-currency bond rating one notch to Aa1 and changed its outlook to stable. It is the first of the three major ratings firms to do so, though both Standard & Poor's Ratings Services and Fitch Ratings have the U.K. on negative outlooks.
The move by Moody's is a psychological blow to the United Kingdom, which is fiercely proud of its historical position on the world stage and keenly attuned to signs of its diminishment.
(Excerpt) Read more at online.wsj.com ...
Credit agency Moodys downgraded the nations ability to repay its debt sparking calls for George Osborne to quit.
The UK has held its cherished AAA status since 1978 and Mr Osborne had repeatedly insisted it was proof the Coalition was conquering the debt mountain.
Typical, another disaster left by a democrat/labour liberal gov and the conservatives get left with the big mess. People never learn.
And then there were 13 (nations left with AAA rating).
The United States is still AAA on Moody’s list. Interesting that Singapore is the only Asian country on the list.
Isle of Man
Where the UK goes the US is soon to follow into the abyss of destruction.
Although Obama made a preemptive strike by suing Standard and Poor’s, if the sequester is thwarted by a compromise involving higher taxes ans cuts down the road, there will be a second down grade.
The writing is on the wall but Obama is blind to that reality.
He has no control over the markets and the various forces pushing and pulling and controlling.
“... which is fiercely proud of its historical position on the world stage and keenly attuned to signs of its diminishment.”
Yeah, we used to live in a country like that, too.
When we got downgraded, the people just shrugged and the president — surprise, surprise! — blamed everyone outside his administration and tried to kill the messenger.
Depressing, to say the least.