Fitch downgrades UK credit rating to AA+

  • Fitch credit ratings agency downgraded the UK’s credit rating to AA+ on Friday on the back of a weakened economic outlook.

    The move follows Moody's downgrade in February.

    In a statement, Fitch said its downgrade "primarily reflects a weaker economic and fiscal outlook" but returned its outlook to "stable".

    In its bi-annual World Economic Outlook released on Wednesday, the International Monetary Fund cut its forecast for growth to 0.7 percent in 2013. In January, it said the country's economy could expect 1 percent growth.