Fitch cuts Portugal by 2 notches on PM resignation

NEW YORK, March 24 (Reuters) – Fitch on Thursday cut
Portugal’s credit ratings by two notches, saying risks to the
country’s financing rose after parliament failed to pass fiscal
consolidation measures and the prime minister resigned.

The ratings agency warned further downgrades are likely in
the next three to six months, especially in the absence of a
“timely and credible” program of financial support from the
International Monetary Fund and the European Union.

Fitch cut Portugal’s long-term foreign and local-currency
issuer ratings to A-minus from A-plus. The new notes were
placed on “rating watch negative.”
(Reporting by Walter Brandimarte; Editing by Padraic Cassidy)

Fitch cuts Portugal by 2 notches on PM resignation