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Moody’s Downgrades Britain’s Credit Rating

Published: February 23, 2013
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Source: Reuters

Britain suffered its first ever sovereign ratings downgrade from a major agency on Friday when Moody’s stripped the country of its coveted top-notch triple-A rating, dealing a major blow to finance minister George Osborne.

Moody’s said weak prospects for British economic growth, which have thrown the government’s deficit reduction strategy off course, lay behind its decision to cut the rating by one notch to Aa1 from Aaa.

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