Moody's Investors Service ("Moodys") has today downgraded the government of the United Kingdom's long-term issuer and senior unsecured ratings to Aa3 from Aa2. Concurrently, the outlook has changed to stable from negative. Moody's has also downgraded the Bank of England's long-term issuer and senior unsecured bond ratings to Aa3 (from Aa2) and (P)Aa3 (from (P)Aa2) for the senior unsecured MTN programme. The P-1 short-term issuer rating is affirmed. The outlook on these ratings has also changed to stable from negative. The three key drivers for this action are closely related and mutually reinforcing. First, the UK's ... (full story)