Thursday, April 29, 2010

Fitch Ratings Agency Says Portugal is Next to be Dowgraded

Brian Coulton, head of global economics at Fitch Ratings, was on BNN today commenting on Greece and the next countries to be downgraded.

He says they believes the bailout will be forthcoming but there are implementation risks, particularly beyond 2010. Greece is committed to strong fiscal austerity but have lost all credibility with the market. Whether they do it or not, we will only know by the end of this year.

On Spain: He says Spain's debt is quite low ("55% of GDP"), compared to that of Greece that is.

Asked who is next to be downgraded: Portugal, high growth risk.

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