S&P confirms top AAA rating for Britain

Standard & Poor's rating agency on Friday confirmed its top AAA long-term credit rating for Britain and maintained a stable outlook for the country that is not a member of the eurozone. "Standard & Poor's Ratings Services affirmed its 'AAA' long-term and 'A-1+' short-term unsolicited sovereign credit ratings on the United Kingdom. The outlook remains stable," it said in a statement. It said that the ratings reflect Britain's "wealthy and diversified economy, fiscal and monetary policy flexibility, and adaptable product and labour markets." S&P added that it believes "the UK government maintains a strong commitment to implementing its fiscal mandate, and has the ability and willingness to respond rapidly to economic challenges."