UK election result will not have immediate effect on credit ratings, S&P says

However, it did cast doubt on the sustainability of a Tory government, the timing of the Brexit negotiations and Westminster's negotiating stance, S&P said.

Shifts in various aspects of the government's public spending programmes were also likely, given the electorate's apparent rejection of further stimulus.

"In our view, the lack of a majority for any party is likely to delay Brexit negotiations, scheduled to start very soon. 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."