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Fitch Warns of Potential Downgrade for UK

September 28, 2012 @ 2:16 PM EST

by The "State" Team

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Fitch Keeps UK at ‘AAA’ But Warns of Downgrade

On Friday, ratings agency Fitch affirmed the United Kingdom’s credit rating at 'AAA' but retained a “negative outlook.”

Fitch says the likelihood of a downgrade has increased noting that weaker than expected growth and fiscal outturns in 2012 have increased pressure on the UK's 'AAA' rating, which has been on Negative Outlook since March 2012.

According to Fitch, with a budget deficit second in size within the 'AAA' category only to the US, and general government gross debt approaching 100% of GDP in 2015-16 under Fitch's revised baseline estimates - the likelihood of a downgrade has therefore increased.

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