Go Finance Reporting in NEW YORK - Standard & Poor's lowered the long-term public debt ratings two levels to BBB Portugal from A-.
Quoted by AFP on Friday (03/25/2011), this rank reduction occurs after the risk of government financing and the resignation of prime minister.
"In our view, the increased political uncertainty could hurt market confidence and increase the risk of refinancing in Portugal," said the ratings agency, said in a statement.
Known, short-term credit ratings remain unchanged Portugal at position A-2, but its long-term credit rating dropped two levels from A-to BBB.
For your information, Prime Minister of Portugal Jose Socrates resigned after parliament rejected a new savings package. (GoFinance)
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