on 19 April 2013, from spectator.co.uk

Fitch’s announcement that it is downgrading the UK’s credit rating to AA+ isn’t as politically explosive as the downgrade from Moody’s in February, as it was inevitable that once one major ratings agency dropped the AAA, the others would follow like dominoes. The bigger story will be when all agencies have dropped the rating. Fitch said this afternoon that the reason for the downgrade was that ‘the fiscal space to absorb further adverse economic and financial shocks is no longer consistent with a ‘AAA’ rating’. The agency forecasts that general government gross debt will peak at 101 per cent of GDP in ... (Read the full story)