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Portugal’s Credit Rating Is Cut to Junk by Fitch on Debt

Portugal’s Credit Rating Is Cut to Junk by Fitch on Debt
November 24, 2011, 8:39 AM EST

Nov. 24 (Bloomberg) — Portugal’s credit rating was cut to below investment grade by Fitch Ratings due to the country’s rising debt level and weakening economy.

The long-term rating was lowered one level to BB+ from BBB- with a negative outlook, Fitch said today in an e-mailed statement. Portuguese 10-year bonds fell after the announcement, with the yield at 12.14 percent at 1:09 p.m. in Lisbon.

http://www.businessweek.com/news/2011-11-24/portugal-s-credit-rating-is-cut-to-
junk-by-fitch-on-debt.html

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Portuguese Strike Grounds Flights, Shuts Metro

Portugal’s first general strike in a year has grounded flights and shut Lisbon’s metro service as unions protest austerity measures agreed to by the government to gain an international bailout.

Lisbon’s metro will be closed until 1 a.m. tomorrow. Flights departing from Lisbon and Oporto this morning to destinations including London, Frankfurt and Rio de Janeiro have been canceled, according to the website of airport operator ANA- Aeroportos de Portugal SA. State-owned railroad operator CP- Comboios de Portugal says it expects serious disruptions.

http://www.bloomberg.com/news/2011-11-24/portuguese-strike-against-austerity-grounds-
flights-shuts-lisbon-s-metro.html

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