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Portugal's Credit Rating Downgraded to JunkJuly 2011 The credit rating agency Moody's downgraded on July 5 Portugal's debt to junk expressing concern about Portugal's ability to reach the deficit reduction following the first bail out. The downgrade is by four notches from previous Baa1 to Ba2. Currently Portugal's credit rating by the two other rating agencies is above the junk status. Portugal Downgrade Worry by Moody'sDecember 2010 The credit rating agency Moody's published a statement on December 21 expressing worry about a possible downgrade of Portugal's long term rating, from the current A1 down by one or two steps. Although Portugal's solvency is not in a question Moody's is worried about the country ability in the medium term to borrow in the international market with rising financial costs following Ireland and Greece bailout plans. Portugal's economy is considered one of the weakest in the Euro zone. |
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