Netherlands AAA Outlook Cut as Fitch Cites Shocks to Economy
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The Netherlands had the outlook on its top credit rating cut to negative by Fitch Ratings as the Dutch economy suffers from a deepening housing slump and persistent bank system woes.
The ratings company maintained the country’s grade at AAA while removing its designation as stable, according to a statement released yesterday in London. As reasons for the move, it cited the level of public debt, problems at some Dutch banks and a property-market slump which may shave a total of 25 percent off values from their peak.