04:36 ET<\/span>
\n<\/span><\/p>\nRatings agency Moody’s has downgraded Portuguese government debt by one notch, to Baa1 from A3, and warned that a further cut may be necessary.<\/p>\n
This is the second downgrade by Moody’s in less than a month and follows fellow agency Standard & Poor’s cut last week.<\/p>\n
Moody’s said its decision was “driven primarily by increased political, budgetary and economic uncertainty”.<\/p>\n
The move heightens concerns Portugal will be forced to ask its European partners for a financial bail-out.<\/p>\n
Last week, the Portuguese government admitted it had missed its budget deficit target for 2010.<\/p>\n
The total was 8.6% of economic output, above the European Union’s target of 7.3%.<\/p>\n
Moody’s said the increased uncertainty in the country heightened the risks that “the government will be unable to achieve [its] ambitious deficit reduction targets” in the next three years.<\/p>\n
Yields on Portuguese government debt rose slightly following the downgrade, to 8.54% from 8.47% on Monday, reflecting heightened concern about its ability to pay back its debts.<\/p>\n
Such high rates are seen as unsustainable in the long run.<\/p>\n
Portugal has not yet called for any financial assistance, but many analysts believe it is just a matter of time before it is forced to do so as the country’s economic situation worsens and its cost of borrowing on the markets rises.<\/p>\n<\/p><\/div>\n<\/p>\n
Original post:
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