Following the U.K.'s dual credit downgrade on Monday, with both Fitch and Standard &Poor's (S&P) slashing their ratings after the country voted to leave the European Union, the latter has warned that more downgrades could follow as financials favor other investment destinations beside the U.K.
"The rating action we took yesterday, which is a two-notch downgrade from AAA to AA, is a direct reflection of the new reality in which Britain now finds itself," S&P's sovereign ratings managing director and chief rating officer Moritz Kraemer told CNBC on Tuesday.
Acknowledging that S&P was surprised by the outcome of the Brexit vote, Kraemer told CNBC that what is "urgently required to be established in the next couple of weeks is that we get to know what Plan B is."
"The British people were asked to vote two options in which only one option was certain which was EU membership and the other one is basically uncertainty," said Kraemer.
"It is now urgent for the British authorities and new government, whoever that might be, to actually formulate a consensual view of what they want to present to Brussels as a negotiation platform."
British prime minister David Cameron, who resigned Friday after campaigning for several months for the 'Remain' side, is due to arrive in Brussels Tuesday to begin talks with EU leaders on when the U.K. will officially leave the 28-member bloc.