21 Dec 2013

S&P confirms UK AAA rating

10:07 am on 21 December 2013

Standard & Poor's has confirmed its credit rating of AAA for Britain, noting the government's commitment to reducing its budget deficit.

S&P signage: AFP # Par6708037

Photo: AFP (file)

Earlier on Friday, the agency downgraded the European Union's long-term credit rating from AAA to AA+.

The agency said it expects average annual British GDP growth of more than 2% during 2013-16.

However, S&P added that its outlook on the long-term rating of Britain remains negative.