Standard and Poor's Cuts UK's Credit Rating From AAA To AA After Brexit Vote

Ratings agency Standard and Poor’s (S&P) has stripped the UK of its top AAA assessment taking after Friday's vote to leave the European Union.  

S&P downgraded Britain’s sovereign

rating by two notches, from AAA to AA, the Associated Press reports.

The ratings agency described the vote to leave the EU as a “seminal event” that “will lead to a less predictable, stable and effective policy framework in the UK”.

S&P is also keeping a negative outlook on the rating, which means it could downgrade the country even further.

The downgrading has been called “historic” and “worse than (the) financial crisis” by some experts.