• Moody’s says Scotland will suffer a double downgrade of its credit rating if it votes for independence this year, at least two notches below the rest of the UK
  • The ratings agency said that the most likely scenario was Scotland would be rated “somewhere in the middle of investment grade, though at least two notches below the UK’s rating. An ‘A’ rating is the most likely at the outset.”
  • It added that over time an independent Scotland would be able to raise its rating
  • Independence would be unlikely to affect the credit rating of the remainder of the UK
  • An ‘A’ rating would give Scotland a similar rating to countries such as Poland, the Czech Republic and Mexico, but would be at least two notches below the UK’s current Aa1 rating

BBC and FT

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No word yet on if the UK will be downgraded and Spain upgraded once Ryan gets back from holiday