Moody's cuts Portugal rating
Moody's Investor Service has cut Portugal's debt rating two notches to A1 citing rising debt and weak growth prospects, and said the country may need to come up with more austerity measures in its 2011 budget.
The move sent the euro lower, but broad market reaction was relatively muted as the cut only saw Moody's make up ground with rival agency Standard & Poor's, which rates Portugal two grades lower at A-
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