Fitch cuts UK's credit rating

Fitch Ratings has follow Standard and Poor's and cut the UK credit rating, warning more cuts could come following the surprise Brexit vote last week.

File photo Source: AAP

Fitch Ratings has cut Britain's credit rating and is warning more downgrades could follow, joining Standard & Poor's in judging that last week's vote to leave the European Union will hurt the economy.

Fitch downgraded the United Kingdom's sovereign rating to "AA" from "AA+" and said the outlook was negative - meaning that it could further cut its judgment of the country's creditworthiness.

Earlier on Monday, S&P stripped Britain of its last remaining top-notch credit rating, slashing it by two notches and similarly warning that more downgrades could follow.