October 17, 2019 / 12:19 PM / 2 months ago

Brexit deal 'constructive' for UK credit rating if passed: S&P Global

LONDON (Reuters) - A new Brexit deal will be “constructive” for Britain’s downgrade-threatened credit rating if it gets the backing of the UK’s parliament, S&P Global said on Thursday.

Britain clinched a last-minute Brexit deal with the European Union in Brussels on Thursday, but still faces a challenge in getting it approved by parliament before a planned October 31 Brexit deadline.

“This is constructive news, also for the rating,” one of S&P’s top European sovereign analysts, Frank Gill, told Reuters.

On whether it would stabilize the UK’s AA rating’s ‘negative’ outlook if approved, he added: “Ultimately it is going to come down to how the economy performs.”

“Even with a deal you still have enormous questions about, for example, UK financial services firms’ access to the (EU) single market.”

Reporting by Marc Jones; Editing by Dhara Ranasinghe

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