London, 01 May 2014 -- Scottish independence is unlikely to have rating implications for the UK sovereign, given Scotland's small size relative to the UK's economy and an independent Scotland's likely investment-grade credit profile, says Moody's Investors Service in a series of reports released today. The main risks to this assessment are (1) the division of the UK's debt obligations; and (2) the continued uncertainties associated with the currency arrangements put in place post-independence. Independence also has limited rating for domestic issuers registered in Scotland, though the impact of redenomination is uncertain.

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