facebook
twitter
rss
account
search
search
 

Credit agency Fitch downgrades Britain

April 20, 2013 at 1:33 PM   |   Comments

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."

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
2014: The Year in Music [PHOTOS]

2014: The Year in Music [PHOTOS]

Most Popular
1
Laundry drying sparks 'smart skin' concept for aircraft
2
Native concerns over oil vetted in Canada
3
Russia's Rosneft grabs Norwegian drilling assets
4
Scottish tidal array may be largest of its kind
5
Twinkies' Chicago facility to close
Trending News
Video
x
Feedback