Moody’s slashes state-backed debt rating

  • Business Premium
  • Friday, 08 Jul 2011

LISBON: The state-backed debt issued by four Portuguese banks suffered a sharp downgrade yesterday by Moody's rating agency two days after it downgraded Portuguese national debt to junk status.

Moody's said it had slashed its rating of debt held by BES and Caixa Geral de Depositis three notches from Baa1 to Ba1, and knocked the debt of private banks Millennium BCP and Banif down four notches to Ba2.

Article type: metered
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In Business News

Bitcoin extends downtrend, falls 12.1% to US$47,176 Premium
Perodua targets to deliver 30,000 units in December Premium
CPO futures likely to trade higher next week Premium
Georgieva says examining all IMF research processes to ensure integrity Premium
Oil steadies, paring gains as rising COVID cases spur demand worries Premium
Omicron-fuelled volatility deals hedge funds worst monthly return since March 2020 Premium
US-listed Chinese shares take a hit as Didi to exit NYSE Premium
Didi shares plunge more than 20% on plan to delist from NYSE Premium
Wall St ends lower on Omicron worries, Fed taper angst Premium
Micro impact of new variant? Premium

Others Also Read