Fitch puts United Kingdom on watch

Fitch Ratings said it placed the United Kingdom's AA long-term foreign- and local-currency issuer default ratings on Rating Watch negative

The next scheduled review date for the sovereign rating on the U.K. is April 26, but Fitch said it believes that developments in the country warrant such a deviation from the calendar.

That's because of the country's scheduled exit from the European Union, the agency said.

The ratings reflect the heightened uncertainty over the outcome of the Brexit process, Fitch said, and an increased risk of a disruptive "no-deal" Brexit, where the U.K. would leave the E.U. without a withdrawal agreement in place.

The agency said it believes that a "no-deal" Brexit would lead to substantial disruption to U.K. economic and trade prospects, at least in the near term.

The extent of any disruption also is highly uncertain, Fitch said, and may be mitigated by U.K. government or bilateral or multilateral measures.

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