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Fitch poised to cut UK's AAA rating soon
Fitch Ratings on Friday warned it was likely to cut Britain's AAA credit rating in the coming weeks, citing higher-than-expected government debt levels and weaker economic growth forecasts. A month since Britain suffered its first downgrade when Moody's lowered its AAA rating by one notch, Fitch showed it was poised to follow suit by placing the rating on review for possible downgrade. It said it saw a heightened possibility of a cut. A decision on the rating level is due by the end of April, Fitch said in a statement. Sterling fell sharply after the announcement, dropping half a cent against the dollar. The review ... (full story)
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