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LONDON, July 7 (Reuters) - Standard & Poor's carried out amass-cull of British bank rating outlooks on Thursday in thewake of the country's vote to end its membership of the EuropeanUnion, but stopped short of downgrading them despite its brutalcut of Britain's sovereign rating.
The country's big institutions including HSBC Barclays, Lloyds and well as the UK arms ofbanks like Santander all saw their rating outlooks cutto negative from stable, while RBS dropped to stablefrom positive.
The decision not to deliver full downgrades is likely to beof some relief. S&P stripped Britain of its last remainingtop-notch credit rating last month following the Brexit vote,slashing it an unprecedented two grades from "AAA" to "AA".
"In our view, the "leave" result in the U.K.'s June 2016referendum on EU membership ("Brexit") has increased the risksof adverse economic developments," S&P said in note followingThursday's banking outlook cuts.
"We also believe that the U.K. economy has now entered intoa correction phase, driven by our revised expectation thatimbalances will worsen as credit growth slows and real houseprices contract." (Reporting by Marc Jones; Editing by Toby Chopra)
