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UK loses top credit rating from S&P
http://www.bbc.com/news/business-36644934
The UK has lost its top AAA credit rating from ratings agency S&P following the country's Brexit vote.
S&P said the the referendum result could lead to "a deterioration of the UK's economic performance, including its large financial services sector".
Earlier the pound plunged to a 31-year low against the dollar, and UK markets closed lower for a second day.
The move comes after chancellor George Osborne said the UK will face the future "from a position of strength".
Speaking earlier, in an attempt to restore calm to the markets, the chancellor said the economy would need to "adjust" but was strong enough to cope.
S&P had been the only major agency to maintain a AAA rating for the UK.
On Friday, Moody's cut the UK's credit rating outlook to negative.
A rating downgrade can affect how much it costs governments to borrow money in the international financial markets.
In theory, a high credit rating means a lower interest rate (and vice versa).
S&P said that the leave result would "weaken the predictability, stability, and effectiveness of policymaking in the UK".
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