Ratings agency Fitch has 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% of gross domestic product this year.
