UK loses triple-A credit rating after Brexit vote Sterling fell to its lowest level against the dollar since 1985. Photograph: Reuters UK loses triple-A credit rating after Brexit vote The UK has been stripped of its last AAA rating as credit agency Standard & Poor’s warned of the economic, fiscal and constitutional risks the country now faces as a result of the EU referendum result. The two-notch downgrade came with a warning that S&P could slash its rating again. It described the result of the vote as “a seminal event” that would “lead to a less predictable stable and effective policy framework in the UK”. The agency added that the vote to remain in Scotland and Northern Ireland “creates wider constitutional issues for the country as a whole”. That downgrade was swiftly followed by a cut to the UK’s credit score from rival agency Fitch. Intensifying the pressure on the UK’s standing on international markets, Fitch cut the UK’s rating to ‘AA’ from ‘AA+’. The UK had already lost its top rating with Fitch back in 2013. The agency had warned more recently that Brexit could prompt another cut and that it also risked sparking disharmony across the EU. S&P was the last of the big three ratings agencies to have a blue-chip rating on the UK’s credit-worthiness. Moody’s, which stripped the UK of its top notch rating amid the austerity cuts of 2013, said last week it might further cut its view of the UK. Rating agency moves have the potential to make it more expensive for the government to borrow. The moves form S&P and Fitch came after another torrid day on the financial markets. The pound hit fresh 31-year lows and £40bn was wiped off the value of the UK’s biggest companies on Monday, despite efforts by George Osborne to quell investors’ concerns about the economic and political ramifications of the Brexit vote.