Reuters logo
UPDATE 1-Fitch affirms UK, BoE ratings at 'AA'
December 9, 2016 / 10:15 PM / a year ago

UPDATE 1-Fitch affirms UK, BoE ratings at 'AA'

(Adds Fitch rating on BoE, details)

Dec 9 (Reuters) - Fitch Ratings affirmed the United Kingdom’s long-term foreign and local currency issuer default ratings at ‘AA’, with a negative outlook, citing a wide range of possible outcomes over Brexit negotiations.

“...a key uncertainty is whether it (Brexit agreement) will include a transition arrangement that would provide some stability regarding trading arrangements ahead of the negotiations of a potential future free trade agreement between the UK and the EU,” Fitch said in a statement on Friday.

The ratings agency said it expects the UK to invoke Article 50 of the Lisbon Treaty by end-March 2017, which will see the country leave the EU two years later.

The referendum vote to leave the European Union has brought in a period of heightened political, economic and institutional uncertainty, Fitch said.

The ratings agency also affirmed the Bank of England’s long-term issuer default rating at ‘AA’ on Friday, aligning its rating with that of the UK government‘s. (Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Shounak Dasgupta)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below