Brittan could lose its top level credit rating for the first time due to increasing debt piled on after bank bailouts and stimulus packages.  Stocks in Brittan are down by more than 2% today after standard and Poors said there is a 1 in 3 chance they will be downgrade the UK debt rating from AAA.  This would mean higher interest payments on debt.  Bond auctions would be more difficult.  There is $344B in auctions coming up this fiscal year so this would be a very unfortunate development.  William Sergautis, Charttrader.com

 The IMF said the the UK debt level would reach 67% of GDP and while standard and poors said it could reach 100%.  Prime Minister Gordon Brown had increased the countries borrowing,  like in the U.S.,  to pay for stimulus and bank bailout programs.  Brittan’s bank looses have totaled $120B since 2007.  Brittan would be the 5th western European country to have their AAA rating lowered along with Ireland Greece Portugal and Spain.  Moodys and Fitch reaffirmed UK's rating.  With the deteriorating U.S. balance sheet worries that our credit rating is at risk as well.  The Dow Jones industrials are down 152pts at 11:15am this Thursday morning.