Massive idiocy! Fitch downgrades Britain!!!

These moronic rating agencies never learn do they?

After S&P's laughable downgrade of the U.S. two years ago you would have though Fitch would have learned something, but, NO! They downgrade Britain.

Once again the rating agencies PROVE that they don't understand the distinction between a currency issuing nation like Britain and a currency using like Greece or, Italy or, Spain or, yes, even Germany!
Britain can never, ever, ever, ever, default on its debts because all its debts are denominated in Sterling!

Here's what Fitch stated as its rationale for the downgrade:

KEY RATING DRIVERS
The downgrade of the UK's sovereign ratings primarily reflects a weaker economic and fiscal outlook and hence the upward revision to Fitch's medium-term projections for UK budget deficits and government debt. Despite the loss of its 'AAA' status, the UK's extremely strong credit profile is reflected in its 'AA+' rating and the Stable Outlook.

- Fitch now forecasts that general government gross debt (GGGD) will peak at 101% of GDP in 2015-16 (equivalent to 86% of GDP for public sector net debt, PSND) and will only gradually decline from 2017-18. This compares with Fitch's previous projection for GGGD peaking at 97% and declining from 2016-17 and the 'AAA' median of around 50%.

- Fitch previously commented that failure to stabilise debt below 100% of GDP and place it on a firm downward path towards 90% of GDP over the medium term would likely trigger a rating downgrade. Despite the UK's strong fiscal financing flexibility underpinned by its own currency with reserve currency status and the long average maturity of public debt, the fiscal space to absorb further adverse economic and financial shocks is no longer consistent with a 'AAA' rating.

Check out the highlighted part. "gross debt to 100% of GDP." They must be using Reinhart and Rogoff, still, even though those two have just been shown to be charlatans!!! LOL!!! Unreal!!!

Fitch...YOU SUCK!!!!