Markets fall after Moody's downgrades Portugal to 'junk' Telegraph.co.uk
Based on the conditions imposed on Greece, it was likely that "private sector participation would be required as a precondition" to a second cash injection, said Moody's.
The outlook was left at negative, signalling the possibility of more downgrades. The blow came after markets closed in Europe, but the euro fell against the dollar for the first time in seven days, finishing 0.9pc down on the day. In America markets also slid.
Moody's said that it also had "heightened concerns" that Portugal would not be able to achieve the deficit reduction targets that have been set by the European Union (EU) and International Monetary Fund. The targets in terms of "reducing spending, increasing tax compliance, achieving economic growth and supporting the banking system" represent "formidable challenges", said Moody's.
Although the targets and structural challenges faced by Greece are far tougher – Greek debt is graded at Caa1 – the rating agency said that the increasingly hardline approach of European leaders "is an important factor for Portugal".
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