Fitch cuts UK credit rating to AA-

Agency says government borrowing levels are set to rise and outlook remains negative for Britain's sovereign debt score

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The ratings agency Fitch has cut Britain's sovereign debt rating to AA-, saying debt levels will jump as the government ramps up its spending to offset the near shutdown of the economy in the face of coronavirus.

Fitch downgraded the country by one notch to the same level as its rating for Belgium and the Czech Republic. It said a further cut could follow as it kept the rating on negative outlook.