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Wednesday, March 24, 2010

Euro crisis update: Fitch downgrades Portugal's credit rating

European stocks sold off at 6am after Fitch downgraded Portugal’s credit rating to AA- from AA with a negative outlook.

They said “a sizeable fiscal shock against a backdrop of relative macroeconomic and structural weaknesses has reduced Portugal’s creditworthiness.”

Yields in Portugal are up about 3 bps and 5 yr CDS is wider by 7 bps to 140 bps. 

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