OVERVIEW We are affirming our 'AAA/A-1+' unsolicited sovereign credit ratings on the United Kingdom. The United Kingdom government continues to benefit from its exceptional monetary flexibility, in our view. The economy is recovering, albeit largely on the back of private consumption and residential investment. The outlook remains negative, reflecting our view of risks to the sustainability of growth. RATING ACTION On Dec. 20, 2013, Standard&Poor's Ratings Services affirmed its unsolicited 'AAA/A-1+' long- and short-term sovereign credit ratings on the United Kingdom (U.K.). The outlook on the long-term rating remains negative. We have also affirmed the 'AAA/A-1+' long- and short-term issuer credit ratings on the Bank of England (BoE) and the 'AAA/A-1+' ratings on the debt program of Network
