Portuguese Foreign Minister Unhappy With S&P Cut, Tanjug Reports

Portugal is “dissatisfied” with the decision by Standard & Poor’s to cut the country’s credit rating, Tanjug news agency reported, citing Portuguese Foreign Affairs Minister Paulo Portas as saying.

Portas, in Belgrade for an ambassadorial conference, said yesterday that S&P’s action was based on “regional, rather than national evaluations” and if the same national evaluation methodology was applied as the one in March last year, “Portugal would have shown a satisfactory progress,” Tanjug said.

Portugal was one of nine countries downgraded by S&P on Jan. 13, with its credit rating lowered by two levels to BB.

To contact the reporter on this story: Gordana Filipovic in Belgrade at gfilipovic@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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