Fitch downgrades Portugal rating by three notches

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Fitch Ratings on Friday slashed its credit rating on Portugal by three notches to BBB-, saying it is less likely the eurozone member would receive external support during its election campaign.

"The severity of the downgrade by three notches mainly reflects Fitch's concern that timely external support is much less likely in the near term following (Thursday's) announcement of general elections to take place on 5 June," said Douglas Renwick, director in Fitch's Sovereign Ratings Group.

BBB- is the lowest investment-grade rating under Fitch's system.

© 2011 AFP

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