Skip to comments.U.K. Downgraded, Stripped of AAA Rating
Posted on 04/19/2013 11:34:55 AM PDT by lowbridge
Fitch Ratings-London-19 April 2013: Fitch Ratings has downgraded the United Kingdoms Long-term foreign and local currency Issuer Default Ratings (IDR) to AA+ from AAA. The Outlook is Stable. At the same time, the agency has affirmed the UKs Short-term foreign currency rating at F1+ and the Country Ceiling at AAA.
The rating actions follow the conclusion of the review of the UKs sovereign ratings initiated on 22 March and resolve the Rating Watch Negative. The previous Negative Outlook on the UKs sovereign ratings had been in place since 14 March 2012.
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Been on the cards for a while now, and more or less in line with other European nations who have also been hit with same downgrading (France).
Not being an economist, cant say how this will affect UK borrowing too much, but obviously it’s more expensive to do so now.
Still, fingers crossed for the coming quarterly finances, should hopefully show UK avoiding triple-dip recession. International agencies have the UK likely to register around 0.8% growth for 2013, increasing to 2.5% for 2014.
Soooo, hopefully economy just turning around in time for the General Election...