LOC23:53
20:53 GMT
LONDON, June 27 (KUNA) -- The Standard & Poor's announced on Monday that it downgraded the credit ranking of Britain's economy from (AAA) to (AA) after a Brexit vote.
The referendum on Britain's withdrawal from the European Union last Thursday may lead to a negative effect on Britain's economy, including the services sector, a key one in the country, British media said, citing the ratings agency.
S&P said this outcome is a seminal event, and will lead to a less predictable, stable, and effective policy framework in Britain.
It added that it has reassessed its view of Britain's institutional assessment and now no longer consider it a strength in its assessment of the rating.
S&P warned against an extension of negative impacts on investors' confidence and consequently a decline in foreign investments.
During today's trading, the British currency traded at around USD1.320 at 12:10 a.m. London time on Monday, below the 31-year low of USD 1.3224 reached on Friday. The pound dropped by two percent against euro to stood at 1.19. (end)
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