US ratings agency out with another Brexit note 20 July
- increased uncertainty of UK's future trade relationship with EU will lead to reduced confidence, lower investment, consumer spending in UK
- expects UK banks to see asset quality worsen
- UK banks operating environment to weaken
- bank profitability to come under pressure
- expects BOE to continue to support the banking system through on-going provision of contingent liquidity support
Moody's understandably cautious.