The outlook remains negative - The agency justified the decision by emphasizing "the large budget imbalance, the high debt of all sectors and the adverse macroeconomic outlook".
One more downgrade for Portugal. This morning Fitch announced that it had cut the Iberian country's long-term debt rating from BBB- to BB+, while the short one passes from F3 to B. In both cases the outlook is negative.
The agency justified the decision by recalling "the large budget imbalance, the high indebtedness of all sectors and the adverse macroeconomic outlook". Fitch also cut its 3 GDP growth forecast by 2012%.
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