Portugal downgrade reignites sovereign debt fears

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Rating agency Moody's on Tuesday cut Portugal's long-term credit rating by four notches from Baa1 to Ba2, sparking renewed concerns over the sustainability of European sovereign debt markets.

The rating agency said the downgrade, which takes Portugal's sovereign debt to junk status, reflected heightened concerns that the country would not be able to meet its deficit reduction and debt stabilisation targets set out in its loan agreement with the European Union (EU) and International Monetary Fund

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