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Ratings agencies have been criticised for having too much clout in jittery markets during the financial crisis.
They were widely attacked for failing to warn of the risks posed by certain securities, in particular mortgage-backed securities.
This signalled a "slightly greater than 50% chance" that Britain would lose its AAA rating with Fitch in the next two years.
At the same time as changing the UK's outlook to 'negative', Moody's made a range of adjustments including downgrades for Italy, Malta, Portugal, Slovenia, Slovakia and Spain.
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