Fitch downgrades teetering Portugal

By Associated Press
Posted Dec. 23, 2010 at 11:10 a.m.

The Fitch Ratings agency has downgraded Portugal’s credit rating as the country finds it more difficult to raise money in the markets to finance its borrowings.

Fitch said Thursday that it was reducing its rating on the country’s debt to A+ from AA-, citing a slow reduction in the country’s current account deficit and a much more difficult financing environment for the Portuguese government.

After the bailouts of Greece and Ireland this year, Portugal is viewed by many as the next country in the 16-nation eurozone to potentially need financial help from the European Union and the International Monetary Fund.

Read more about the topics in this post: ,

Comments are closed.