Portugal rating downgraded to 'junk status'

November 24, 2011 16:41

Fitch Ratings has downgraded Portugal's debt to junk status from BBB minus. Fitch is one of three key ratings agencies whose credit ratings help investors determine the default risk on issued debt. Fitch cut Portugal's long-term foreign and local currency issuer default ratings by three notches to BBB-minus in April this year, from A-minus, and warned that further downgrades were possible.

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