LONDON – The British government attempted Monday to cast as good a light as possible on the loss of the country's cherished triple-A credit rating, arguing it showed the need to press ahead with austerity measures to lower debt.

Treasury chief George Osborne had long boasted that the triple AAA rating validated his policies of spending cuts and tax hikes, but began backing off that argument as a downgrade became increasingly likely.

On Friday, Moody's pulled the trigger, cutting Britain's rating to AA1. It said sluggish economic growth would hinder the government's ability to control rising debt levels and deal with new financial shocks.