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Business News/ Politics / News/  Fitch cuts Portugal rating on high debts, worse outlook
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Fitch cuts Portugal rating on high debts, worse outlook

Fitch cuts Portugal rating on high debts, worse outlook

A man takes pictures at Rossio train station in Lisbon. Photo: Reuters. Premium

A man takes pictures at Rossio train station in Lisbon. Photo: Reuters.
A man takes pictures at Rossio train station in Lisbon. Photo: Reuters.

Fitch cut Portugal to BB+ from BBB-, which is still one notch higher than Moody’s rating of Ba2. S&P still rates Portugal investment grade.

Fitch said a deepening recession makes it "much more challenging" for the government to cut the budget deficit but it still expects fiscal goals to be met both this year and next.

“However, the risk of slippage - either from worse macroeconomic outturns or insufficient expenditure controls - is large," Fitch said.

Also Read |India ‘relatively less’ exposed to global shocks: Fitch

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Published: 24 Nov 2011, 06:13 PM IST
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