Moody's

Moody's has downgraded the UK's credit rating as analysts highlight the economic damage caused by the coronavirus pandemic.

Moody's Investors Service has downgraded Aberdeen City Council's credit outlook from 'stable' to 'negative', though the local authority's credit rating has been retained.

A Treasury rate rise which led to fears that major housing and infrastructure projects could be delayed has been labelled by Moody’s as “credit negative” for local authorities as it will increase the cost of capital on new borrowing in the short term.