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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."

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