OVERVIEW We view the United Kingdom as having exceptional monetary, labor, and product market flexibility, with a wealthy and diversified economy, and a predictable and stable political and institutional framework. Amid further progress in consolidating public finances, the U.K.'s economic recovery is broadening. We are therefore revising our outlook on the unsolicited long-term sovereign credit rating on the U.K. to stable from negative, and affirming our 'AAA/A-1+' unsolicited sovereign credit ratings on the U.K. The stable outlook reflects our opinion that there is a less than one-in-three probability of a downgrade over the next two years. RATING ACTION On June 13, 2014, Standard&Poor's Ratings Services revised its outlook on the United Kingdom to stable from negative. At the
