Yields soar as Portugal is downgraded

portugal flag

Fitch downgraded Portugal's credit rating to junk status on Thursday, citing large fiscal imbalances and high indebtedness in the country as the reason.

The rating agency said Portugal's long-term credit was no longer consistent with an investment-grade rating and cut it one notch from BBB– to BB+.

Fitch said in light of the worsened European outlook, it expects GDP in 2012 to contract by 3%. However, it said significant structural reforms under its Troika programme should leave Portugal in a

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