Credit agency Fitch downgrades Britain

April 20, 2013 at 1:33 PM

LONDON, April 20 (UPI) -- Credit rating agency Fitch dropped Britain's top-shelf credit rating from AAA to AA+ due to weak prospects for growth, the firm said.

Fitch is the second credit rating agency to knock Britain down a notch, joining Moody's.

The third major credit rating firm, Standard & Poor's, has listed Britain as having a "negative outlook," The Daily Telegraph reported Saturday.

"The weak growth performance of the U.K. economy in recent years, partly due to private and public sector deleveraging and the eurozone crisis," contributed to the downgrade, Fitch said.

Britain's rating was "stable," which implies it will not be subjected to another review soon, the announcement said. Fitch said it chose a "stable" outlook rating because of Britain's "continued policy commitment to reducing the underlying budget deficit."

Related UPI Stories
Latest Headlines
Trending Stories
Pepsi to release 'Back to the Future Part II' inspired Pepsi Perfect
Nobel Prize in medicine awarded to parasitic disease scientists
Womb transplants begin in U.K. after Sweden's success
Gay Vatican priest comes out day before Pope Francis begins synod on family issues
Scientists find roadmap that may lead to 'exercise pill'