Fitch withdraws UK AAA rating

Robyn Hall

April 19, 2013

The move is an embarrassment to the British government which promised to slash the deficit and protect the country’s rating when it took power in 2010.

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

In February Moody’s became the first agency to downgrade the UK and Reuters have quoted Standard & Poor’s as having said there is at least a one-in-three chance it will follow suit.

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