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S&P says Brexit would prompt swift downgrade of Britain

Thursday, June 23, 2016 - 07:37
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A downgrade of Britain's AAA credit rating by Standard and Poor's (S&P) could come quickly after a vote in favour of leaving the European Union, S&P chief sovereign ratings officer Moritz Kraemer told German daily Bild.

[FRANKFURT] A downgrade of Britain's AAA credit rating by Standard and Poor's (S&P) could come quickly after a vote in favour of leaving the European Union, S&P chief sovereign ratings officer Moritz Kraemer told German daily Bild.

"If Great Britain decides for a Brexit in the EU referendum on Thursday, then the AAA credit rating would come due and would be downgraded within a short period of time," Bild quoted Mr Kraemer as saying in a summary of an article to be published on Thursday.

Mr Kraemer repeated that the political situation in Britain would become less predictable and rational, partly because there was no real post-Brexit plan, Bild reported.

Mr Kraemer said in April that a leave vote would likely lead to a downgrade of Britain's rating, given the country's deep political, financial and trading ties in Europe.

REUTERS