Portugal could require a second, Greek-style bailout involving private investors, Moody’s ratings agency has warned as it downgraded the struggling country to “junk” on fears it will struggle to meet its current targets and will remain unable to borrow from the bond markets for some time.
Moody’s Investors Service downgraded Portugal by four notches to Ba2 from Baa1 - equivalent to double B from triple B plus at other agencies - and warned of the “increasing probability” that Portugal would not be able to tap the markets at sustainable rates for some time after 2013.
The agency left in place its negative outlook, signalling further downgrades are possible.
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