Prospect of spending cuts saves Britain's AAA credit rating

The Times
"Moody’s said that although Britain’s public finances had “deteriorated considerably” and brought it “very close” to a possible ratings downgrade, likely public spending cuts after the general election meant that the UK would continue to enjoy an AAA rating. The verdict is significant because a country’s ability to borrow money, and its cost of borrowing, are determined to a large degree by its credit rating."