S&P Threatens To Downgrade Portugal's Sovereign Debt For Third Time In A Week

Bloomberg

Standard & Poor’s said it may downgrade Portugal’s credit rating again this week after cutting long- and short-term counterparty credit ratings today on five Portuguese banks and two related subsidiaries.

“The negative CreditWatch implications on our long-term counterparty credit ratings on the Portuguese banks reflect our negative CreditWatch listing of the sovereign rating, and thus the possibility of a further sovereign downgrade” that may happen “as early as this week,” S&P said in an e-mailed statement.

S&P said it may cut Portugal’s ratings by one notch after downgrading its debt on March 25 by two levels, to BBB from A-, two days after Portuguese Prime Minister Jose Socrates tendered his resignation.

Comments

[Vladimir]

MOODY'S , S7P, all these "rating agencies" are LYING thieves. They were giving A++ whatever to LUCENT Tech when it was $92/share, and as it crashed to $3. How does a SPENDTHRIFT like the US Government get a rating over D ?

[Alberto]

S&P. Moody's.Fitch. ALL gave A ratings to CDOs that consisted of nodoc (NO DOCUMENTATION REQUIRED) mortgages. Their excuse? They contracted the work out so it is the contractors fault.

The Emperor has no clothes and a tube of flaming paper sticking out of his anal pore.