S&P revises Britain's AAA rating to negative outlook

NEW YORK - The Standard and Poor's on Thursday revised outlook for Britain's AAA sovereign credit rating from "stable" to "negative."

The credit rating agency changed its view amid concerns over " a delayed and uneven economic recovery, or a weakening of political commitment to consolidation."

"We expect economic growth to rise slowly in the medium term, with net general government debt as a percentage of GDP continuing to rise in 2015, instead of stabilizing in 2014 as previously expected," S&P said in a statement.

The S&P said there was one-in-three chance that it would lower the ratings if the Britain's economic and fiscal performances weaken beyond our current expectations.

Previously, Moody's and Fitch, two other major rating agencies, also revised Britain's rating outlook to negative in the first half of this year.

S&P also downgraded its outlook on the Bank of England's AAA rating to negative.