UK, France, Spain ratings at risk, warns Fitch

International rating major Fitch Ratings has delivered a serious blow to Britain, France and Spain, warning that the Europen countries risks a loss of investor confidence and erosion of its present rating unless they chalks out clear austerity measures.

''Britain had seen the most rapid rise in the ratio of public debt to gross domestic product (GDP) of any AAA-rated country,'' noted Brian Coulton, the agency's head of sovereign ratings.

"High-grade sovereign governments need to articulate more credible and stronger fiscal consolidation plans during the course of 2010 to underpin confidence in the sustainability of public finances over the medium-term and their commitment to low and stable inflation," Coulton said.

"The UK, Spain and France in particular must outline more credible fiscal consolidation programmes over the coming year given the pace of fiscal deterioration and the budgetary challenges they face in stabilising public debt."

And he warned: "Failure to do so will intensify pressure on their sovereign ratings."

''It is frankly too slow, a pedestrian pace. Why the UK thinks it has more time than other countries, we're not sure. This needs to be reoriented,'' he told the Fitch forum on sovereign hot spots.