MOODY'S CUTS U.K.'S DEBT RATING ON WEAK GROWTH

Ratings agency Moody's lowered the United Kingdom’s sovereign debt rating by one notch to “Aa3” from “Aa2” on Friday, citing weakening economic and fiscal strength stemming from Brexit woes and coronavirus-induced shocks. The Johnson government has tightened restrictions as the country grapples with a second wave of COVID-19 infections, with the stricter measures heaping more pressure on an economy already weighed down by Brexit uncertainties. “Even if there is a trade deal between the UK and EU by the end of 2020, it will likely be narrow in scope and therefore the UK’s exit from the EU will, in Moody’s view, continue to put downward pressure on private investment and economic growth,” the agency said.