Travel and trade infrastructure companies, which have been a recent popular purchase for large institutional investors, could face "extreme" negative outcomes from a no-deal Brexit, according to ratings agency Moody's.

The agency, one of three key financial companies that analyses and rates the world's debt, said in a report today that the macroeconomic impact of a no-deal Brexit "could be significant", including "slower growth or outright recession" for the UK, coupled with "higher unemployment and inflation".