The International rating agency Moody’s will review over the next three months the credit rating of Portugal with a possible decrease in the direction of one or two degrees, said in a statement the agency, quoted by RIA Novosti. Now Portugal’s credit rating is “Aa2″. The intention of Moody’s is continuing to assess the situation to deteriorate to government debt. In the view of analysts from the rating agency, taking into account the small size of the economy of Portugal and its poor growth performance of these public debt may not fully reflect the rating of “Aa2″. At the end of April ratings agency Standard & Poor’s lowered the long-term credit rating of Portugal with two degrees – from “A +” to “A-” to “negative” outlook. At the end of 2009 government debt of Portugal was up nearly 77 percent of gross domestic product (GDP) of the country, for comparison, the external debt of Greece has 120% of GDP. Meanwhile, analysts note that in Portugal the threat can come from many large private sector debt, which exceeded the indicator for Greece. According to forecasts by the European Commission (EC) GDP growth this year Portugal will be 0.5 percent and for 2011 – 0.7%.
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