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Originally published Wednesday, December 5, 2012 at 5:50 AM

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UK Treasury chief admits rating downgrade threat

Britain's Treasury chief has acknowledged that the country may lose its triple A credit rating even though his economic strategy remains centered on getting the public finances under control.

The Associated Press

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LONDON —

Britain's Treasury chief has acknowledged that the country may lose its triple A credit rating even though his economic strategy remains centered on getting the public finances under control.

George Osborne said Thursday that a downgrade "wouldn't be a good thing" but that it was only one way that investors evaluate countries.

Osborne's comments come in the wake of Fitch Ratings' warning that Britain's debt levels for 2015-16 announced were "approaching the upper limit of the level consistent with the U.K. retaining its AAA status."

Fitch placed Britain's rating on negative outlook in March, and will conduct a review next year.

Rivals Moody's put the AAA rating on negative watch in February while Standard & Poor's has been more optimistic, affirming the top rating in April with a stable outlook.

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