Portugal Rating Downgraded by S&P for Second Time in Four Days
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Standard & Poor’s Ratings Service cut Portugal’s credit rating for the second time in four days, saying the country will likely need an international bailout and debt restructuring.
S&P cut the rating to BBB-/A-3 from BBB/A-2, with a negative outlook, it said in an e-mailed statement today. BBB-is the lowest investment grade.