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Issuers
Fitch Downgrades Portugal to junk status
Thursday, November 24, 2011
Fitch has today downgraded the long term foreign issuer default rating of Portugal to BB+ making it 'junk' status.
The downgrade comes as a result of Fitch's fourth-quarter review of Portugal. It predicts that despite structural measures being put in place, the worsening economic climate in Europe will lead to Portugal's GDP contracting by 3% in 2012. This, coupled with the nation's fiscal imbalances and liquidity risks, mean Portugal can no longer hang on to its BBB- investment grade status, says the agency.
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Trading
Funds
Structured
CFlux secondary
CLO index levels:
| Index | 21 May |
|
| CFlux USD AAA | ↑ | 96.2 |
| CFlux USD AA | ↑ |
88.3 |
| CFlux USD A | ↓ | 84.1 |
| CFlux USD BBB | ↓ | 75.3 |
| CFlux USD BB | ↓ |
74.1 |
| CFlux USD EQ | ↑ | 77.5 |
