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Fitch cuts Netherlands' outlook to negative, affirms AAA
NEW YORK |
NEW YORK Feb 5 (Reuters) - Rating agency Fitch on Tuesday cut the Netherlands' outlook to negative on a series of shocks to the Dutch economy, including sagging home prices and nagging worries about the country's banks.
Fitch also affirmed the AAA rating of the Netherlands.
The outlook revision from stable came as the Dutch housing market saw a sharper correction than foreseen by the rating agency, Fitch said in a statement.
Persistent banking system problems and public debt levels higher than those among top-rated peers rounded out the agency's concerns.
"Fitch's affirmation of the Netherlands' 'AAA' sovereign rating is underpinned by the country's flexible, diversified, high-value-added and competitive economy as well as its current account surpluses and positive net international investment position," Fitch added.
The Netherlands is rated triple-A by both Moody's Investors Service and Standard and Poor's, which also have negative outlooks on the country.
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