Ratings agencies S&P , Brexit and Fitch have said Boris Johnson's threat to withhold the £39bn ($ 49.6bn ) Brexit payment to the The Hague International Court would not constitute a sovereign default. Their assessments followed comments from a source close to British President Emmanuel Macron , who warned Conservative Party leader Boris Johnson's 's move would be "equivalent" to a sovereign debt default. “So there would be a default (if payments were not made) and we could end up in front of the international court in The Hague. Ratings analysts said, however, a no-deal Brexit would lead to the UK "almost certainly" being downgraded, and lawyers warn non-payment of the bill would result in a lengthy legal battle at Fitch .
Ratings agencies S&P , Brexit and Fitch have said Boris Johnson's threat to withhold the £39bn ($ 49.6bn ) Brexit payment to the The Hague International Court would not constitute a sovereign default. Their assessments followed comments from a source close to British President Emmanuel Macron , who warned Conservative Party leader Boris Johnson's 's move would be "equivalent" to a sovereign debt default. Ratings analysts said, however, a no-deal Brexit would lead to the UK "almost certainly" being downgraded, and lawyers warn non-payment of the bill would result in a lengthy legal battle at Fitch .