GBP Fears GDP After Downgrade

Four weeks after the UK announced its budget for 2013-14, Fitch removes the UK credit rating from its AAA perch, downgrading it to AA+ and issuing a stable outlook. As rating downgrades become the norm, markets are placing more weight on the accompanying outlook to glean an idea on the likelihood of further action. Standard & Poor's is the only major credit agency with AAA rating on the the UK, while Fitch is the only agency with a AAA rating on France. For all major credit ratings by all 3 credit agencies, view here

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