Fitch submarines pound by placing UK on Ratings Watch Negative
- Fitch places UK on ratings watch negative
- See ‘heightened probability’ of downgrade in near term
- Expects to complete its review of the UK’s rating by the end of April
- Ratings Watch Negative reflects the latest economic and fiscal forecasts from the OBR
- Forecasts indicate govt debt will peak later and at a higher level than previously expected by Fitch
- Full text of the statement
Cable immediately dropped a half-cent to 1.5191 but has bounced to 1.5219. I think you can pretty much take it to the bank that Fitch will downgrade the UK.