S&P says ‘leave’ will prompt swift downgrade of Britain: Bild report

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

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.

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“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 Kraemer as saying. He said the political situation in Britain would become less predictable and rational, partly because there was no real post-Brexit plan, Bild reported.

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.