UK credit rating suffers another downgrade

Barely a couple of months after being downgraded, credit rating of the U.K. got yet another hit Friday as Fitch Ratings followed Moody’s Investors Service to cut the country’s AAA rating.

The rating agency justified the move by pointing to the country’s spiraling government debt and worsening economic growth, reports WSJ.com.

Both ratings agencies had held a negative outlook for the island’s economy for some time before lowering its credit rating a notch to AA+.

Also read:

Emerging markets make credit rating gains

Moody’s downgrades six Canadian banks

Eurozone failed to reduce debt burden

U.S. downgrade could mean gold spike

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.