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Fitch downgrades UK to AA+

by: Joanna Faith
  • 19/04/2013
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Fitch downgrades UK to AA+
Ratings agency Fitch has downgraded the UK to AA+ from AAA, citing a weaker economic and fiscal outlook.

Fitch is the second international agency to strip the country of its top-notch rating.

In February Moody’s downgraded the country’s credit rating over rising government debt and years of slow economic growth ahead.

The move will put pressure on the UK government which promised to cut the deficit and protect the country’s rating when it took power in 2010.

“Despite the loss of its ‘AAA’ status, the UK’s extremely strong credit profile is reflected in its ‘AA+’ rating and the stable outlook,” Fitch said in its statement.

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