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S&P affirms United Kingdom's triple-A rating

SAN FRANCISCO (MarketWatch) -- Standard & Poor's Ratings Services on Friday affirmed United Kingdom's triple-AAA sovereign rating and maintained a stable outlook. "Our view of the U.K.'s wealthy and diverse economy, fiscal and monetary policy flexibility, and adaptable product and labor markets support our unsolicited ratings on the sovereign," said S&P in a statement. "In our opinion, the U.K. government remains committed to implementing its fiscal program, and we believe it can respond rapidly to economic challenges." The ratings agency also expects the country's economy to begin its recovery in the second half of this year and continue to strengthen. Meanwhile, the Bank of England's accomodative monetary policy is likely to keep the government's borrowing costs in check, it added.