Portugal’s Sovereign Credit Rating Cut to BBB From A- by S&P
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Portugal’s debt was downgraded two notches by Standard & Poor’s Ratings Services, following a cut by Fitch Ratings yesterday, after the country’s prime minister resigned when lawmakers rejected his austerity measures.
Standard & Poor’s lowered the nation’s long-term sovereign credit rating to BBB from A-. The long- and short-term ratings remain on negative credit watch, the company said in a March 24 statement. Portugal has continued to rule out a rescue after the parliament’s rejection of budget cuts led Prime Minister Jose Socrates to offer to quit.