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    Fitch to Review UK Credit Rating Citing Brexit Consequences

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    Fitch Ratings will review the United Kingdom's credit rating citing negative consequences of the so-called Brexit, the agency said in statement on Friday.

    MOSCOW (Sputnik) — On Thursday, the United Kingdom held a referendum to determine whether or not the country should leave the European Union. According to the final results, 51.9 percent of voters, or 17.4 million people, decided to support Brexit, while about 16.1 million opposed it.

    "Brexit will be moderately credit negative for the UK sovereign and as we have previously stated we will review the sovereign rating shortly. Failure to agree favourable trade arrangements would also be a significant negative for some sectors. The UK's status as a major international banking hub could be damaged as some business lines shift to the EU. Higher import costs and pressure on exports due to the potential imposition of tariffs would be broadly negative for corporates," the statement read.

    The long-term sovereign rating of the United Kingdom is currently at AA+ with Stable Outlooks.

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    Britain Says 'Cheerio' to EU (463)

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