U.K on ‘negative’ outlook by Chinese rating firm

Tuesday, 24 May 2011 11:19

Moody's Investor Services placed 14 U.K financial institutions in for reviews; such as Lloyds TSG, CO-OP bank, RBS, Santander UK Plc etc.  Possible downgrade is imminent.  Meanwhile, China's rating firm (Dagong Global Credit rating) pushing the United Kingdon off by a notch from Aa- to A+.

Sterling has been losing ground as continual negative economic data has been pushing the currency down, only to reach 1.6120 against the U.S Dollar; giving the Dollar the pleasure of an 8-week high.  The pair is currently trading at 1.6137.