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UK credit profile has deteriorated

Britain's sovereign credit profile has deteriorated but the country was still within tolerance of a triple-A rating, Fitch Ratings said.

Brian Coulton, Fitch's head of Europe, Middle East and Africa sovereign ratings, told a conference in London the UK needed stronger fiscal adjustment, adding the rating agency was “uncomfortable with the fiscal adjustment path set out by UK authorities.”

Among larger triple-A rated sovereigns, the urgency for adjustment was greatest for UK, Spain and France.

Fitch has a triple-A rating with a stable outlook for the UK, Spain and France. (Reuters)