Moody’s Downgrades Portugal, Outlook Negative
March 16, 2011 at 01:27 AM EDT
Moody’s (MCO) has cut Portugal’s credit rating by two notches citing “subdued growth prospects” and high government borrowing costs. The rating agency downgraded the country’s long-term government bond rating from A1 to A3 with a negative outlook, implying the possibility of a further downgrade in the coming months. – FT