UK's negative outlook remains - S&P Global

The UK's credit rating will not be affected by the hung parliament resulting from Theresa May's hapless snap election, credit agency S&P said on Friday, though it warned the possibility of a delay to Brexit negotiations and chances of yet another election meant it had a negative outlook.

After Prime Minister May called the election to try and strengthen her hand in Brexit negotiations, her plans unraveled overnight as the Conservative party lost its parliamentary majority.

The UK's current AA rating with S&P followed the stripping of its triple-A rating after the country voted for Brexit last June.

"In our view, the lack of a majority for any party is likely to delay Brexit negotiations, scheduled to start very soon," S&P Global said on Friday morning.

"Furthermore, we do not exclude the possibility of another snap election. These considerations are reflected in our current negative outlook on the long-term ratings."