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Moody's downgrades Portugal

Jul 05 2011 21:13 Sapa

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London - Ratings agency Moody's has downgraded Portugal's government debt, citing the growing risk the country will need a second rescue package and concerns it will not meet its debt reduction targets.

Moody's Investors Service cut its rating on Portugal's debt on Tuesday by one notch to Baa2 from Baa1.

It says that "a further downgrade could be triggered by a significant slippage in the execution of the government's fiscal consolidation program, a further downward revision of the country's economic growth prospects or an increased risk that further support requires private sector participation."

moody's  |  portugal

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