Britain's government said on Friday that a decision by ratings agency Moody's to downgrade the country's credit rating was based on an "outdated" assessment of its plans to leave the European Union.

Moody's lowered Britain's sovereign credit rating to 'Aa2' with a stable outlook from 'Aa1.'

"The assessments made about Brexit in this report are outdated," a government spokesperson said in a statement provided by the finance ministry.

Read more