The rating agency Moody's downgraded the credit rating of the UK due to concerns about its state finances and how Brexit will negatively affect the country's economic growth.

The rating was reduced from Aa1 to Aa2, reports BBC. At the same time, Moody's changed its long-term outlook on the new rating from "negative" to "stable".

The organization's report says that the coming exit from the European Union led to economic uncertainty at a time when London already had no obvious plan to reduce its debt.

The Government of the United Kingdom stated that the agency's findings regarding the "Brexit" are outdated.