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Portugal’s Debt Rating Lowered by Fitch on Worsening Finances

Posted By admin On March 24, 2010 @ 4:24 am In Money Watch | Comments Disabled

Matthew Brown
Bloomberg [1]
Wednesday, March 24th, 2010

Portugal had its credit grade lowered one step to AA- by Fitch Ratings, which cited the nation’s deteriorating public finances.

The outlook on the rating remains “negative,” Fitch said in a statement today from London, meaning it’s more likely to cut the grade further than raise it or keep it unchanged.

“A sizeable fiscal shock against a backdrop of relative macroeconomic and structural weaknesses has reduced Portugal’s creditworthiness,” Douglas Renwick, associate director at Fitch, wrote in the report. “Although Portugal has not been disproportionately affected by the global downturn, prospects for economic recovery are weaker than 15 European Union peers, which will put pressure on its public finances over the medium term.”

Full article here [1]

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URLs in this post:

[1] Bloomberg: http://www.bloomberg.com/apps/news?pid=20601087&sid=a02DCYEFIxuk&pos=2

[2] Image: http://purewaterfreedom.com/

[3] Greece Is Insolvent, Will Default on Debt: Fitch: http://www.prisonplanet.com/greece-is-insolvent-will-default-on-debt-fitch.html

[4] U.K. May Lose AAA Rating at S&P as Finances Weaken: http://www.prisonplanet.com/uk-may-lose-aaa-rating-at-sp-as-finances-weaken.html

[5] Portugal And Ireland’s Private Debt Levels Are Far Worse Than Even Greece: http://www.prisonplanet.com/portugal-and-irelands-private-debt-levels-are-far-worse-than-even-greece.html

[6] FITCH WARNS: US Must Raise The Debt Ceiling By Aug 2, Or Risk Losing Its AAA: http://www.prisonplanet.com/fitch-warns-us-must-raise-the-debt-ceiling-by-aug-2-or-risk-losing-its-aaa.html

[7] Moody’s Cuts Portugal Rating by Two Notches: http://www.prisonplanet.com/moodys-cuts-portugal-rating-by-two-notches.html

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