Lowers outlook to negative from stable
S&P is out with its credit rating for Italy sovereign debt. In maintains it BBB rating but it did lower its outlook to negative from stable.
Meanwhile Fitch, it kept UK rating unchanged at AA, but lowered its outlook to negative as a result of downside risks from a disruptive exit from EU.
- disruptive exit from EU would have negative consequences for UK trade
- uncertainly around Brexit process is weighing on UK's economic growth prospects
- uncertainties will continue to weigh on UK's capital spending in H2 of this year
- intensification of political divisions within UK, about aspects of UK's withdrawal from EU and framework for future EU–UK relations impeded progress in Brexit negotiations