Sterling sorrow is just not getting over. After blasts in Brussels, which is likely to weaken pro-campaigners and strengthen exit calls, credit rating agency has warned on UK’s rating over budget, adding fresh pressure on Pound.

Moody’s highlighted significant revision in UK budget especially in deficit increase and growth slowdown will be credit negative for UK, which was presented last week by chancellor of exchequer George Osborne. Compared to November budget, Mr. Osborne reduced growth forecast by 0.3% to 2.1% for 2016-19 period. With deficit on the rise debt levels are also expected to rise.

Moody’s cited that according to this new budget presented last week, UK’s fiscal consolidation likely to be slower than expected and it is likely to be credit negative since UK deficit is much larger than European Union peers.

Moody’s warnings, coupled with series of blasts in Belgium has so far taken a toll on Pound, which is down 120 pips from its high today, trading at 1.428 against Dollar.

Chancellor Osborne will be defending his budget in parliament later today. However it is not the only risks that was triggered by budget, one high profile minister has already quit due to cutback in pensions.