A few hours after Fitch, it was the turn of his counterpart Standard & Poor's to reduce by two notches, from "A-" to "BBB", the Portuguese sovereign rating. Fitch had worn for his "A +" to "A-". The short-term rating remains at "A-2". The notes still under review with negative implications.
This decision follows resignation of the Prime Minister of Portugal, Jose Socrates, after that his austerity plan had been rejected by the parliament. "We think that the political uncertainty which results could encumber the market's confidence and the ability to refinance the country, " the agency said.
Moreover, S & P has not ruled out lowering again the note of Portugal, this time a notch, starting next week, depending on the ultimate size of future bailout of the euro zone, the MES (European mechanism for stability).
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