Britain's AAA rating under risk, S&P puts it on negative watch

December 14, 2012 13:50

Britain's coveted triple AAA credit rating has come under much pressure after an influential credit ratings agency put it on negative watch, according to a report.

Standard & Poor's said there was a one in three chance it could lower Britain's rating within the next two years, if economic conditions weaken in the UK. It said it expected government debt as a percentage of gross domestic product to continue to rise in 2015, before declining again, with future employment or growth shocks putting further pressure on government finances, the Daily Mail reports.

According to the paper, S&P was the last of the three major credit rating agencies to maintain a stable outlook for Britain, and the move comes just over a week after Chancellor George Osborne said he would no longer be able to cut Britain's net debt by 2015.

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