Bri­tain may face S&P down­grade

Los Angeles Times - - BUSINESS BEAT -

Stan­dard & Poor’s warned that it may down­grade its credit rat­ing on Bri­tain some­time in the next two years af­ter the gov­ern­ment’s de­ci­sion to hold a ref­er­en­dum on the coun­try’s membership in the Euro­pean Union.

The ref­er­en­dum, due be­fore the end of 2017, “rep­re­sents a risk to growth prospects for Bri­tain’s fi­nan­cial ser­vices and ex­port sec­tors, as well as the wider econ­omy,” the agency said.

It also said that eco­nomic pol­i­cy­mak­ing “could be at risk of be­ing more ex­posed to party pol­i­tics than we had pre­vi­ously an­tic­i­pated, sim­i­lar to the sit­u­a­tion in the U.S. when we low­ered that sovereign rat­ing in 2011.”

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