The UK's credit rating
The UK government is rated AA by S&P, Aa3 by Moody's and AA- by Fitch, each with a stable outlook. These are the agencies' opinions of the UK government's ability to repay its debt, all in the high-grade AA band, two or three notches below the top AAA rating the UK held from all three agencies until 2013.
The UK government's ratings today
| Agency and rating | Latest review and source |
|---|---|
| S&P Global Ratings Stable outlook |
S&P affirmed the UK at AA with a stable outlook on 9 October 2026, citing an economy that "has remained, and will remain, resilient" to the Middle East energy shock, against a constrained fiscal position and high public debt (press report). (source)
Unsolicited: S&P rates the UK without being asked to. Short-term A-1+. Confirmed in the agency's own report of 27 May 2026.
|
| Moody's Stable outlook |
Moody's affirmed the UK's Aa3 long-term issuer ratings with a stable outlook on 21 November 2025 (press report); we found no Moody's action on the UK since. (source)
Confirmed in the agency's own report of 31 July 2026.
|
| Fitch Ratings Stable outlook |
Fitch maintained the UK at AA- with a stable outlook on 14 August 2026 (Reuters), as it had on 20 February 2026. (source)
Short-term F1+. Fitch's country ceiling for the UK is AAA. Confirmed in the agency's own report of 8 May 2026.
|
The agencies' own websites do not allow automated reading, so each rating is confirmed from the agency's own report on Transport for London, which states the UK rating, and the latest reviews are from news reports of them. The ratings apply to the UK's foreign- and local-currency debt alike. Checked 6 November 2026.
How the UK lost its AAA rating: every change since 2012
| Date | Agency | Change | Source |
|---|---|---|---|
| 22 Mar 2024 | Fitch | AA- negative → AA- stable (outlook) | source |
| 20 Oct 2023* | Moody's | Aa3 negative → Aa3 stable (outlook) | source |
| 21 Apr 2023 | S&P | AA negative → AA stable (outlook) | source |
| 21 Oct 2022* | Moody's | Aa3 stable → Aa3 negative (outlook) | source |
| 5 Oct 2022* | Fitch | AA- stable → AA- negative (outlook) | source |
| 30 Sep 2022* | S&P | AA stable → AA negative (outlook) | source |
| 18 Jun 2021* | Fitch | AA- negative → AA- stable (outlook) | source |
| 16 Oct 2020 | Moody's | Aa2 negative → Aa3 stable (downgrade) | source |
| 27 Mar 2020 | Fitch | AA negative → AA- negative (downgrade) | source |
| 17 Dec 2019* | S&P | AA negative → AA stable (outlook) | source |
| 8 Nov 2019 | Moody's | Aa2 stable → Aa2 negative (outlook) | source |
| 22 Sep 2017* | Moody's | Aa1 negative → Aa2 stable (downgrade) | source |
| 27 Jun 2016 | S&P | AAA → AA negative (downgrade) | source |
| 27 Jun 2016* | Fitch | AA+ stable → AA negative (downgrade) | source |
| 24 Jun 2016 | Moody's | Aa1 stable → Aa1 negative (outlook) | source |
| 13 Jun 2014* | S&P | AAA negative → AAA stable (outlook) | source |
| 19 Apr 2013 | Fitch | AAA negative → AA+ stable (downgrade) | source |
| 22 Feb 2013* | Moody's | Aaa negative → Aa1 stable (downgrade) | source |
| 13 Dec 2012* | S&P | AAA stable → AAA negative (outlook) | source |
| 14 Mar 2012 | Fitch | AAA stable → AAA negative (outlook) | source |
| 13 Feb 2012* | Moody's | Aaa stable → Aaa negative (outlook) | source |
* The change is stated in the agency's own documents, but the exact date is from news reports at the time.
The pattern: Moody's and Fitch took the UK off AAA in 2013; S&P cut it two notches, to AA, after the 2016 EU referendum, the same day Fitch cut to AA; Moody's followed in 2017 and 2020, and Fitch in March 2020. All three moved to a negative outlook after the September 2022 mini-budget and reversed it between April 2023 and March 2024. No agency has changed the UK's rating or outlook since.
What the UK's rating means for UK banks
Fitch's bank criteria, updated in May 2026, treat the sovereign rating as a constraint on bank ratings. Even so, on 12 May 2026 Fitch upgraded Lloyds Bank, Bank of Scotland, NatWest Bank and Royal Bank of Scotland to AA, two notches above their standalone 'a+' assessments and one notch above the UK government's AA-, citing the protection their groups' very large resolution debt buffers give creditors. (Fitch rating action; Fitch bank criteria summary). Every UK bank's current ratings are in UK banks ranked by credit rating.
For savers, the government's own creditworthiness stands directly behind NS&I, which is backed by HM Treasury (is NS&I safe?).
Frequently asked questions
What is the UK's credit rating?
The UK government is rated AA by S&P, Aa3 by Moody's and AA- by Fitch, each with a stable outlook. S&P's rating is unsolicited, meaning S&P rates the UK without being asked to.
Is the UK rated AAA?
No. The UK lost its last AAA rating in June 2016, when S&P cut it to AA after the EU referendum. Moody's had cut it from Aaa in February 2013 and Fitch from AAA in April 2013.
When did the UK lose its AAA rating?
Moody's downgraded the UK from Aaa to Aa1 on 22 February 2013, Fitch from AAA to AA+ on 19 April 2013, and S&P from AAA to AA on 27 June 2016.
Has the UK's credit rating changed recently?
No rating or outlook has changed since Fitch moved its outlook back to stable on 22 March 2024. S&P affirmed the UK at AA on 9 October 2026, Fitch at AA- on 14 August 2026 and Moody's at Aa3 on 21 November 2025.
Can a UK bank be rated higher than the UK government?
Yes. Since 12 May 2026 Fitch has rated Lloyds Bank, Bank of Scotland, NatWest Bank and Royal Bank of Scotland at AA, one notch above the UK's AA-, because of the large loss-absorbing debt their groups hold to protect creditors.
From S&P, Moody's and Fitch reports republished by Transport for London and NatWest, Fitch's criteria summary of May 2026, and news reports of the latest reviews, checked 6 November 2026. This is information, not financial advice.