LONDON (AP) — British bankers said mortgage lending hit a ten-year low in August, and that the outlook for the rest of the year looks challenging.

The Council of Mortgage Lenders said on Monday that gross mortgage lending was £11.4 billion ($17.8 billion) in August. That was the lowest since the same month of 2000 when gross lending fell to £11.1 billion.

The council said that lending is likely to remain below year-ago levels for the rest of the year.

Separately, Moody's Investors Service said that Britain's top credit rating is safe because of steps the government is taking to restore economic strength and tackle the deficit.

The rating agency's announcement on Monday said the outlook for the British economy is challenging but manageable.

Moody's said it believes Britain "has the wherewithal and ability to meet these challenges whilst maintaining its Aaa rating."

Britain has had an Aaa rating on long-term debt continuously since 1978.

Moody's said UK debt was well structured and the economy flexible and strong enough to grow modestly.