The reason would be mainly the declining economic strength, since the agency adjusted its creditworthiness to ‘Aa2’ in August 2017, it sounds. The outlook would have deteriorated, among other things, due to Brexit and the inability to conclude a free trade agreement with the European Union. The COVID-19 pandemic is also leaving its mark.
In addition, the financial strength of the state has declined, and the institutions, as well as governance, have weakened. However, the UK still has the fourth highest credit rating, indicating very low credit risk. In addition, the outlook is stable.