Moody in new Brexit alert

Britain’s credit rating is at risk of a downgrade if it fails to preserve core elements of its access to the EU’s single market, ratings agency Moody’s has said.

“The UK’s Aa1 sovereign rating would be downgraded if the UK’s loss of access to the European Single Market following Brexit were to materially weaken medium-term growth and if the credibility of UK fiscal policy were to be undermined,” Moody’s said in a statement.

Moody’s assigned a negative outlook to Britain’s credit rating the day after the country voted to leave the EU, saying it expected heightened uncertainty and weaker confidence to slow growth.