Credit rating agency Moody’s has become more negative about the British banking system. The forecast for the sector has been lowered to negative from stable.

According to the company, the deteriorating market conditions weigh on the quality of assets and profits. Many financial institutions also suffer from low interest rates, increased competition in the mortgage market and shrinking margins.

According to Moody’s, the British economy is showing signs of weakening. On top of that, the uncertainty surrounding the brexit comes on top of that.