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Egan-Jones downgrades UK to A+ from AA-

FXstreet.com (San Francisco) - Egan-Jones, the independent agency, has decided to cut down its United Kingdom sovereign debt rating from AA- to A+. According to a official press release, "unfortunately, we expect that the UK's debt/GDP will rise and the country will remain pressed (we are waiting for addl 2012 data)."

UK's deficit to GDP "is still substantial" says the agency. Despite the fact they says "the deficit to GDP has declined over the past three years from 11.5% to 8.3%, which is a respectable decline."

"The over-riding concern is whether the country will be able to continue to cut its deficit in the face of weaker economic conditions and a possible deterioration in the country's financial sector. " Egan-Jones concludes its synopsis with a laconic: "We are downgrading."

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