Fitch Ratings decreased the U.K.’s credit score to AA from AA+ on Monday, the 2nd ratings agency to downgrade the sovereign following a country’s decision to depart the Eu. “Uncertainty following a referendum outcome will induce a rapid slowdown in a nutshell-term GDP growth, as companies defer investment and think about changes towards the legal and regulating atmosphere,” stated Fitch inside a statement. Additionally, it modified lower its outlook around the U.K.’s economic growth to at least one.6% from 1.9% in 2016. The outlook around the rating is negative. S&ampP Global Ratings earlier Monday removed the U.K. of their triple-A rating, downgrading the nation to AA. Moody’s Traders Service could follow right after it altered the outlook on U.K.’s Aa1 rating to negative from stable on Friday.

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