Brexit could trigger credit downgrade for UK’s biggest firms

Prospect of lengthy negotiations to secure new UK relationship with EU would deter foreign investors, warns Moody's

Britain's biggest companies could face a credit downgrade - potentially forcing up their borrowing costs - should the UK vote to leave the EU in June, according to a report by a leading ratings agency.

Moody's said the prospect of lengthy and uncertain negotiations would deter foreign investors and limit the profits of mainstream corporations that trade with the rest of the EU. But banking and insurance would be less affected than non-financial companies.