Moody's downgrades Portugal on fear of 2nd bailout


  • Business Premium
  • Wednesday, 06 Jul 2011

LISBON, Portugal: Ratings agency Moody's downgraded Portugal's government debt on Tuesday, citing growing risks the country will require a second rescue package because it cannot meet its debt reduction targets.

Moody's Investors Service cut its rating by one notch to Baa2 from Baa1 and said in a report that it was increasingly unlikely that Portugal would be able to borrow money on capital markets in 2013, as planned.

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