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S&P May Downgrade Portugal Again This Week After Banks

Standard & Poor’s said it may downgrade Portugal’s credit rating again this week after cutting long- and short-term counterparty credit ratings today on five Portuguese banks and two related subsidiaries.

“The negative CreditWatch implications on our long-term counterparty credit ratings on the Portuguese banks reflect our negative CreditWatch listing of the sovereign rating, and thus the possibility of a further sovereign downgrade” that may happen “as early as this week,” S&P said in an e-mailed statement.