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S&P affirms UK’s AAA rating

Ratings agency Standard & Poor’s has reaffirmed its AAA rating for the UK, claiming the economy is “wealthy, open and diversified”.

S&P said although it has concerns about growth prospects and public sector debt levels, it remained confident the UK Government would implement the majority of its austerity measures.

S&P’s decision follows the announcements of Fitch and Moody’s to place the UK of “negative outlook”, warning it may be downgraded in the future.

S&P said in a statement: “”In our view, the UK has a wealthy, open, and diversified economy, supported by a well-established political system and macroeconomic policy framework, which can react quickly to economic challenges.

“We expect economic policy to focus on closing the fiscal gap, and we forecast the government’s net debt burden to peak in 2013 at about 87 per cent of GDP.”

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