Although it is difficult to correlate the two, just hours following May’s speech, Moody’s downgraded the UK’s credit rating to AA2. The rating agency cites the prospect of reduced access to the single market, increased public spending and weaker growth in justification for its action. Prior to the referendum, the UK was rated AAA – a rank currently bestowed on 12 countries (including USA, Germany and Australia). The AA1 club is much smaller, now comprising just Austria, Finland and the Isle of Man. We share the third division of AA2s with the likes of France and Hong Kong. Lower sovereign credit ratings have been shown to be correlated with increased credit spreads (raising the cost of debt), and lower FDI. With both factors being important for the property industry, we watch with interest. For the time being, the Fitch and S&P ratings remain unchanged.