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News Link • Economy - International

Fitch cuts Portugal rating to junk bond status

• Reuters

Fitch downgraded Portugal's credit rating to junk status on Thursday, citing large fiscal imbalances, high debts and the risks to its EU-mandated austerity program from a worsening economic outlook.

The ratings agency 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.

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