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UK’s AAA Credit Rating at Risk

Credit ratings agency Fitch has issued a warning that the UK’s AAA credit rating is at risk over the coming months.

Fitch reports that there is a ‘slightly greater than 50% chance’  that the UK could see it’s AAA credit rating lowered over the course of the next 24 months which follows on from a second major credit referencing agency, Moody’s, who placed the UK on a ‘negative watch’ status, again an indication that the AAA credit rating could be lowered.

Fitch released a statement on Wednesday evening saying the UK had:

“very limited fiscal space to absorb further adverse economic shocks in light of such elevated debt levels and a potentially weaker than currently forecast economic recovery.”

A spokesman for the Treasury said:

“A week from the budget, this is a reminder of why it is essential Britain sticks to its plans to deal with its debts. This is just another warning to anyone who believes there can be deficit-financed giveaways in next week’s budget.”