Portugal’s Credit Rating Is Cut to Junk by Fitch on Debt
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Portugal’s credit rating was cut to below investment grade by Fitch Ratings due to the country’s rising debt level and weakening economy.
The long-term rating was lowered one level to BB+ from BBB-with a negative outlook, Fitch said today in an e-mailed statement. Portuguese 10-year bonds fell after the announcement, with the yield at 12.14 percent at 1:09 p.m. in Lisbon.