Will Britain's lost credit rating hurt the economy?

Britain has finally lost its coveted triple-A credit rating. Here's what could follow.

"What took you so long, Moody's?" asks Joseph Cotterill on the Financial Times's Alphaville blog. The credit-ratings agency, which, along with Standard & Poor's and Fitch, is one of the major global firms in its field, has stripped Britain of its top-notch, triple-A credit rating.

Of the developed world's major economies, now only two offer sovereign debt deemed triple-A by all three agencies. Sterling slid further on the news.

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