Fitch lowers rating on Portugal a notch

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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

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