Britain could be stripped of AAA credit rating within a year

Telegraph
"Moody’s, which changed the rating of nine European sovereigns after the markets closed in America, said Britain was exposed to “any further deterioration in European economic conditions and financial landscape.”

France and Austria were also warned that their AAA credit rating status had been changed to negative outlook. Moody’s guidelines state that a negative outlook could lead to a credit downgrade within 12 to 18 months. Italy, Portugal and Spain also had their credit ratings downgraded.

In a statement last night George Osborne said Moody’s action was a “reality check for anyone who thinks Britain can duck confronting its debts.”