Moody's reaffirms UK's triple-A rating

City A.M. Reporter
The government welcomed a report by credit ratings agency Moody's which reaffirmed the outlook for the nation's triple-A sovereign debt rating, saying it supported its approach to cutting public debt.

"This supports the Government's approach to cutting the deficit," said a Treasury spokesman.

"Moody's say that their stable outlook for the UK's AAA credit rating is driven by the action to cut the deficit, and that reducing spending is more likely to bring down borrowing than relying on tax rises."