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.
The Emergency Election Sale is now live! Get 30% to 60% off our most popular products today!