Fitch Downgrades UK Credit Rating To AA- After Sterling's Best Week Since 1985 Plaza Accord
From zerohedge.com
The Pound Sterling soared a stunning 7.1% this week - its greatest weekly gains since 1985 and the beginning of the Plaza Accord - but apparently that strengthening currency was not enough for Fitch who downgraded The United Kingdom's credit rating to AA-. The downgrade reflects a significant weakening of the UK's public finances caused by the impact of the COVID-19 outbreak and a fiscal loosening stance that was instigated before the scale of the crisis became apparent. The downgrade also reflects the deep near-term damage to the UK economy caused by the coronavirus outbreak and the lingering uncertainty regarding ...
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