(MENAFN) Moody's Investors Service stated that as a result of economic and financial risks in Portugal, the agency reduced the nation's country ceiling rating by 9 notches to Baa3, 1 level from junk territory, from top triple-A, reported Xinhua News.
The agency said that the move comes due to the continued risks of economic and financial stability in the European country.
The agency, which holds a sovereign debt rating of Ba3 for Portugal, 3 levels into junk territory, added that the changes will have no ratings implications for rated issuers in the country, since none of them is currently rated above the new ceiling level.
It is worth noting that the country ceiling means the highest rating one issuer inside one country can get from Moody's Investors Service, so the highest rating one issuer in Portugal can get now is Baa3.
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