Fitch strips Britain's AAA rating

Britain’s credit standing took a further blow on Friday when Fitch Ratings became the second international agency to strip the country of its top-notch credit rating.

Fitch trimmed the rating to AA-plus from AAA, citing a weaker economic and fiscal outlook. But it returned the outlook to “stable”, removing the threat of any further rating action, at least in the near term.

“Despite the loss of its ‘AAA’ status, the UK’s extremely strong credit profile is reflected in its ‘AA+’ rating and the stable outlook,” Fitch said in its statement.

Sterling fell against the dollar after the news.