Fitch lowers rating on Portugal a notch
Ratings agency Fitch said Thursday it had lowered its rating on Portuguese debt a notch, citing "deteriorating" near-term economic prospects.
The agency said the its long-term foreign and local currency rating had been cut to A-plus from AA-minus, with a negative outlook.
Fitch cited an increasingly difficult financing environment for Portugal and a "deteriorating near-term economic outlook."
But it added that the country was expected to meet its public deficit target of 7.3 percent of gross domestic product this year.
© 2010 AFP