Portugal suffers downgrade

One of the big-three rating agencies on Wednesday downgraded Portugal's long-term foreign and local currency debt to AA- from AA, and marked its outlook down to negative.

Fitch, the rating agency, said the downgrade reflected concern about the potential impact of the global economic crisis on Portugal's economy and continued fear over public finances in the medium term.

Douglas Renwick, an associate director in Fitch's sovereign team, told CentralBanking.com that the move reflected reduced credi

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