Tuesday, March 29, 2011

Late to the party...

...ratings agencies again display their utility.

S&P Warns It May Downgrade Portuguese Sovereign For Third Time In A Week
Gregory White | Mar. 29, 2011, 6:26 AM | 2 |

S&P has downgraded five Portuguese banks and has now threatened to
downgrade the country's sovereign debt again just days after bringing
it down two notches.

The ratings agency downgraded the Portuguese division of Santander,
the country's largest publicly traded bank, Banco Espirito Santo, and
three others, according to Bloomberg.

And now, only three days after the downgrade of the Portuguese
sovereign from A- to BBB, S&P may be ready to hit the sovereign again.

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