Fitch downgrades U.K. credit rating

Fitch Ratings is the second credit rating agency in two months to reduce Britain's top credit rating. Fitch cited a weaker economic outlook as it lowered the rating from AAA to AA+. "Despite the U.K.'s strong fiscal financing flexibility underpinned by its own currency with reserve currency status and the long average maturity of public debt, the fiscal space to absorb further adverse economic and financial shocks is no longer consistent with a 'AAA' rating," according to Fitch.

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