Moody’s downgrade of debt rating hasty

LISBON: Moody’s downgrade of Portugal’s debt rating was “hasty” and failed to take into account the full impact of the decisions to be approved at a European summit later this month, Treasury Secretary Carlos Pina was quoted as saying yesterday.

Moody’s late on Tuesday cut Portugal’s sovereign debt rating by two notches to A3 and said it might have to downgrade again given the impact of high borrowing costs and the difficulty of meeting tough fiscal targets.