Fitch affirmed Britain’s credit rating with a negative Outlook

© RIA Novosti / Vitaly to Belowaverage in fotomontaggi Agency Fitch Ratings. Archival photoFitch affirmed Britain’s credit rating with a negative Outlook© RIA Novosti / Vitaly to Belowaverage the image Bank

International rating Agency Fitch affirmed the long-term sovereign Issuer default rating (IDR) of great Britain in national and foreign currencies at the level «AA» with a negative Outlook, the Agency said.

«The UK rankings reflect a balance between high yield, diversified and developed economy and a relatively high level of public debt. The support rating also provides the status of sterling as a reserve currency, the rich capital markets and strong governance indicators», — said the Agency.

This negative rating Outlook reflects the ongoing risks of «hard» scenario of exit from the EU (Brexit) that could adversely affect trade, investment and economic prospects of the UK in the short and medium term.

According to the forecast Agency, the country’s GDP growth in 2018 will slow to 1.3% from 1.7% in 2017.

Britain and the EU until the end of October should address three important questions that would allow Brexit in compliance with the interests of the parties to complete negotiation of the Treaty on withdrawal from the European Union, to solve the problem of the border with the Republic of Ireland and to develop the format of future relations. The UK will leave the EU on 29 March 2019.

Negotiations about conditions of withdrawal of Britain from the EU are ongoing since last summer and have not yet achieved significant progress. Recently in the British media there was speculation that the talks may be the absence of any agreement.