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Fitch cuts Portugal rating on high debts, worse outlook

Fitch cuts Portugal rating on high debts, worse outlook
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First Published: Thu, Nov 24 2011. 06 13 PM IST

A man takes pictures at Rossio train station in Lisbon. Photo: Reuters.
A man takes pictures at Rossio train station in Lisbon. Photo: Reuters.
Updated: Thu, Nov 24 2011. 06 13 PM IST
A man takes pictures at Rossio train station in Lisbon. Photo: Reuters.
Lisbon: Rating agency Fitch downgraded Portugal’s rating to junk status on Thursday, citing large fiscal imbalances and high debts.
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.
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First Published: Thu, Nov 24 2011. 06 13 PM IST