Moody's Downgrades UK's Credit Rating to 'Aa3'

[Image source=AP Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The international credit rating agency Moody's has downgraded the United Kingdom's sovereign credit rating from 'Aa2' to 'Aa3'. As a result, the UK's sovereign credit rating is now lower than South Korea's (Aa2).

Moody's announced this in a statement released on the 16th (local time).

Moody's pointed out that since Brexit, the UK's withdrawal from the European Union (EU), it has failed to secure trade agreements to replace the benefits of EU membership, raising concerns about long-term negative impacts.

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