Fitch Cuts Its Rating on Portugal

Fitch Ratings cut its rating on Portugal, citing concerns about a "deteriorating near-term economic outlook" and a "much more difficult financing environment" for the European nation's government and banks, the Wall Street Journal reported on Friday. The ratings agency also kept its ratings outlook negative, meaning future downgrades are possible, as it warned that additional measures might be needed to realize the government's deficit-reduction targets. Ratings agencies and investors have expressed concern about Portugal's weak prospects for economic growth as the government has so far made little progress with any growth-enhancing moves to offset the fiscal drag from its austerity program. Read more. (Subscription required.)