Portugal ratings cut imminent

 

LONDON –Portugal needs financial support and a
“timely and credible” economic program from the European Union and
the International Monetary Fund to avoid a likely near-term downgrade to its
credit rating, Fitch Ratings said.

Fitch
rates Portugal A- and has the rating on watch negative.

Fitch
also said that EU moves to make sure private sector creditors share the burden
of resolving future sovereign debt crises from mid 2013 “puts downward
pressure on Greece’s sovereign ratings over the short to medium term.”

Fitch
rates Greece BB+ with a negative outlook.

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