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S&P Says It Will Downgrade Britain in the Event of a Brexit Vote

BRITAIN-EU-BREXIT-VOTEBRITAIN-EU-BREXIT-VOTE
Brits started voting on the EU referendum Thursday morning.Photograh by ADRIAN DENNIS AFP/Getty Images

A downgrade of Britain’s AAA credit rating by Standard and Poor’s (S&P) could come quickly after a vote in favor of leaving the European Union, S&P chief sovereign ratings officer Moritz Kraemer told German daily Bild.

“If Great Britain decides for a Brexit in the EU referendum on Thursday, then the AAA credit rating would come due and would be downgraded within a short period of time,” Bild quoted Kraemer as saying in a summary of an article to be published on Thursday.

Kraemer repeated that the political situation in Britain would become less predictable and rational, partly because there was no real post-Brexit plan, Bild reported.

Kraemer said in April that a leave vote would likely lead to a downgrade of Britain’s rating, given the country’s deep political, financial and trading ties in Europe.