In our opinion, the decisions reached by the United Kingdom coalition government in its 2010 Spending Review reduce risks to the government's implementation of its June 2010 fiscal consolidation program. Moreover, the coalition parties have shown a high degree of cohesion in putting the U.K.'s public finances onto what we view to be a more sustainable footing. We have accordingly revised the outlook on the United Kingdom to stable from negative. We have also affirmed the 'AAA/A-1+' sovereign credit ratings on the United Kingdom. On Oct. 26, 2010, Standard&Poor's Ratings Services revised its outlook on the United Kingdom to stable from negative. At the same time, Standard&Poor's affirmed its 'AAA' long-term and 'A-1+' short-term sovereign credit
