BREAKING NEWS

BREAKING NEWS

No deal Brexit would represent 'profound' failure - Moody's

No deal Brexit would represent 'profound' failure - Moody's
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CLODAGH KILCOYNE(Reuters)
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LONDON (Reuters) - A no deal Brexit would represent a major failure of Britain's political institutions that would weigh negatively on the country's creditworthiness, ratings agency Moody's said on Wednesday.

"From a sovereign credit perspective, if you end up with a 'no deal' Brexit that is a sign that something institutionally has really quite profoundly failed," Moody's senior vice president Sarah Carlson told a conference in London.

Carlson said perceptions of how functional a country's institutions were was a big factor in setting its credit rating, though Moody's would need to disentangle short-term noise and long-term damage in the event of a disorderly Brexit.

Moody's currently rates Britain at Aa2 with a stable outlook.

(Reporting by David Milliken, editing by Andy Bruce)

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