S&P cuts Portugal to BB - from BB; outlook negative

FXstreet.com (Bali) - S&P rating agency has cut the rating of Portugal to BB negative from BB, while placing the country on negative watch as policy uncertainty remains.

The S&P rating agency added that Portugal is expected to achieve a deficit target of 5.5% of its GDP in 2013, while projections are that it will also achieve a fiscal deficit target of 5.5%.