Standard & Poor's cuts UK credit rating to 'negative outlook'
December 14 , 2012
Standard & Poor's (S&P) rating agency cut the UK's top AAA rating on Thursday to "negative outlook".
S&P said it could lower the UK's rating "if fiscal performance weakens beyond our current expectations".
Other agencies such as Moody's and Fitch both revised the UK to negative outlook in the first half of this year.
A country's credit rating can affect its borrowing costs because investors are often restricted from lending to borrowers that do not have a high rating.
S&P also revised its outlook on the Bank of England's AAA rating to negative.