Fitch takes shot across UK bows
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Fitch Ratings has warned that the credit quality of the UK has deteriorated but the AAA status will stay intact for now.
According to Reuters, at a conference in London this morning Fitch head of Europe, Middle East and Africa sovereign ratings Brian Coulton said the UK is still within the “tolerance” levels of AAA but warned that the Government needed to announce stricter austerity measures to combat the deficit.
Coulton said Fitch was “uncomfortable with the fiscal adjustment path set out by UK authorities” and said there was an urgent need for readjustment.
Currently, both Fitch and Moody’s have the AAA rating of the UK on a ‘stable’ footing while Standard & Poor’s have it the rating on a ‘negative’ ratings watch.
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