Moody’s Cuts Portugal Rating by Two Notches

Antonia Oprita
CNBC.com
July 13, 2010

Moody’s slashed Portugal’s credit rating by two notches to A1, citing a deterioration of the country’s debt ratios and weak growth prospects, the ratings agency said Tuesday.

• A d v e r t i s e m e n t

The action concludes a Moody’s review that started on May 5, and the outlook is now stable, the agency said.

Investors are watching euro-zone economies to see how they address their debt issues as a crisis of confidence has hit the area ever since it emerged that Greece misrepresented its official statistics to make its debt look smaller than it actually was.

Portugal’s debt-to-GDP and debt-to-revenues ratios have risen rapidly in the past two years, Anthony Thomas, vice president and senior analyst in Moody’s Sovereign Risk Group, said in the statement.

Full article here

This article was posted: Tuesday, July 13, 2010 at 1:29 pm

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