Fitch ratings strips Britain of top AAA score

Fitch Ratings agency downgraded Britain’s rating on Friday from triple-A to AA+, a recognition of the nation’s weak economic future and growing debt.

“The downgrade of the UK’s sovereign ratings primarily reflects a weaker economic and fiscal outlook and hence the upward revision to Fitch’s medium-term projections for UK budget deficits and government debt,” Fitch said, in a statement reported by Agence France-Presse.

Moody’s rating agency downgraded Britain two months ago, for similar reasons: Too much debt and too little growth — a trend that was projected to last to 2016.

Data is supposed to be released next week that will indicate whether Britain has officially fallen into recession, AFP reported.