"It is because we have stuck to that commitment that the deficit is down by a quarter and interest rates are at record lows," it said. The yield on the 10-year gilt is at 1.86 percent, about a third of the rate on equivalent Spanish debt. About half the time, government bond yields fall when a rating action suggests they should climb, or they increase even as a change signals a decline, according to data compiled by Bloomberg in June on 314 upgrades, downgrades and outlook changes going back to 1974. Britain also has a top rating at Moody's with a negative outlook. Moody's lowered its outlook on the U.K. grade on Feb. 13, as it cut the ratings of other European countries including Italy and Spain, citing the euro-region debt crisis. Fitch lowered its outlook to negative from stable on March 14, days before Osborne presented his annual budget, citing the weak recovery, high debt, and threats from Europe.