Fitch: U.K., Bank of England off watch

Fitch Ratings said it removed the United Kingdom and the Bank of England from rating watch negative and affirmed their AA long-term issuer default ratings. The outlook is negative.

“The outcome of the U.K. general election on 12 December means it is highly likely that the U.K. will leave the E.U. with a withdrawal agreement on 31 January 2020. This removes the short-term risk of a disruptive ‘no-deal’ Brexit, where the U.K. would leave the E.U. without a withdrawal agreement in place and is reflected in the removal of the RWN and affirmation of the U.K.’s AA rating,” Fitch said in a press release.

The Bank of England’s rating is directly aligned with the U.K. government’s rating since it is the monetary arm of the government and owned by the treasury.

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