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Moody's warns UK credit rating at risk if growth stalls
Moody's, which recently cut Belgium by two notches and is monitoring France, reaffirmed the UK's sovereign rating but said the country's large budget deficit, slow growth and euro area exposure have reduced its "ability to absorb further shocks without rating implications". Demonstrating how vulnerable the UK is to a downgrade, Moody's based its prognosis on growth in 2012 of 0.7pc – in line with the official forecast, but more optimistic than both the Organisation for Economic Co-operation & Development's prediction of 0.5pc and the contraction expected by a swelling group of City forecasters. Deutsche Bank ... (full story)
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