NEW YORK – Fitch Ratings on Friday warned it may cut the United Kingdom's AAA sovereign foreign currency credit rating, citing higher-than-expected government debt levels and downward revisions in its economic growth forecasts.
Fitch placed the rating on review for possible downgrade and said it saw a heightened possibility of a downgrade. A decision on the rating level is due by the end of April, Fitch said in a statement.
The review comes hard on the heels of the government's annual budget, which halved Britain's growth forecast for this year and raised borrowing projections.
(Reporting by Daniel Bases, Luciana Lopez and Pam Niimi; Editing by James Dalgleish)