News Summary: UK pound wobbly after debt downgrade

News Summary: Pound wobbles as markets react to debt downgrade of UK

Associated Press

WEIGHING POUNDS: The British pound swung between gains and losses against other currencies on Monday as investors reacted to the downgrade of the U.K.'s cherished triple-A credit rating.

FEELING MOODY'S: Late Friday Moody's Investor Service downgraded the U.K.'s credit rating by one notch from the top AAA to AA1. It said sluggish economic growth would hinder the government's ability to control rising debt levels and deal with any new financial shocks.

MORE TO COME? Two other ratings agencies— Fitch and Standard & Poor's — have Britain on negative outlook, signaling they could lower the nation's credit rating, too.

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