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Fitch strips Britain of AAA rating

Apr 19 2013 19:16 AP

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London - Fitch Ratings on Friday stripped Britain of its top triple-A rating, moving it down one notch to 'AA+' as a weaker economic outlook continues to push up the country's debt.

"The downgrade of the UK's sovereign ratings primarily reflects a weaker economic and fiscal outlook and hence the upward revision to Fitch's medium-term projections for UK budget deficits and government debt," said the ratings agency.

The move comes almost two months after rival agency Moody's also stripped Britain of a triple-A debt rating, saying government debt was still mounting and that growth was too weak to reverse the trend before 2016.

Friday's development comes ahead of official economic data out next week that will show whether Britain fell into recession during the first quarter of 2013.

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