Moody's downgrades UK rating from AAA to AA1

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Associated Press

Posted on February 22, 2013 at 7:01 PM

Updated Friday, Feb 22 at 7:33 PM

LONDON (AP) — Credit ratings agency Moody's Investors Service has downgraded Britain's government bond rating one notch from the top AAA to AA1, citing weaknesses in the economy's medium-term outlook.

Moody's said Friday that "subdued" growth prospects and a "high and rising debt burden" were weighing on the British economy.

The British government is in the midst of a program of spending cuts designed to reduce the nation's hefty deficit, but a flat-lining economy has led it to downgrade its own estimates of future growth.

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