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The Boston Globe

World

Moody’s downgrades UK credit rating

LONDON (AP) — Credit ratings agency Moody’s Investors Service downgraded Britain’s government bond rating one notch from the top AAA to AA1 Friday, saying sluggish growth and rising debt were weakening the country’s medium-term outlook.

Treasury chief George Osborne said the blow only redoubled his resolve ‘‘to deliver our economic recovery plan,’’ based on deep spending cuts.

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