UK downgraded by credit ratings agency Fitch
Fitch Ratings has downgraded the UKs long-term foreign and local currency Issuer Default Ratings (IDR) to AA+ from AAA.
Fitch Ratings has downgraded the UKs long-term foreign and local currency Issuer Default Ratings (IDR) to AA+ from AAA.
The downgrade reflects a “weaker economic and fiscal outlook and hence the upward revision to Fitch’s medium-term projections for UK budget deficits and government debt,” Fitch’s website says.
“Despite the UK’s strong fiscal financing flexibility, which is underpinned by its currency’s reserve status, and the long average maturity of public debt, the fiscal space to absorb further adverse economic and financial shocks is no longer consistent with a ‘AAA’ rating.”
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