CCTV.com - CNTV English - CCTV News


Homepage > News > Biz >

Dagong downgrades Portugal's sovereign credit rating

11-24-2011 16:30 BJT

BEIJING, Nov. 24 (Xinhua) -- Dagong Global Credit, China's domestic rating agency, said on Thursday that it has downgraded the sovereign rating of Portugal, as the country's economic and fiscal situation has worsened.

The rating for Portugal's local and foreign currency was cut from BBB+ to BB+ with a negative outlook, the agency said in a statement.

Dagong said Portugal's economic and fiscal situation has undergone further deterioration since it downgraded the country's rating from A- to BBB+ in March this year.

Dagong predicted a 1.7-percent decline in Portugal's economic growth for this year and a 3.5-percent fall in 2012.

"Portugal's economy cannot restore positive growth in the medium-term unless fundamental reforms in the country's economic system and structure are undertaken," Dagong said.

Dagong also predicted that the deficit ratio of the Portuguese government at all levels will reach 5.6 percent in 2012, and will remain above 3 percent in the medium-term.

Editor:Wang Xiaomei |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program