US credit outlook upgraded by Moody’s

<p>Moody’s has confirmed it is upgrading the credit outlook for the US.</p>

Moody's has provided a boost for the US economy with the news that it is upgrading its credit outlook for the country.

It was announced by the ratings agency that it is lifting its outlook to stable from negative, as it also moved to affirm the country's AAA rating.

Moody's said the US economy was growing at a "faster rate compared with several AAA" rivals, while the nation has also demonstrated a "degree of resilience" to major reductions in the growth of government spending in recent years.

"These forecasts of accelerating growth are supported by a lower magnitude of fiscal tightening, continued strengthening of consumption and investment, and somewhat better international economic conditions," the agency said in its statement.

Earlier this month, it was predicted by the Ernst and Young ITEM Club that the UK's economic growth for the year as a whole is going to be 1.1 per cent, up from 0.2 per cent last year.

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