(FT) -- Moody's, the rating agency, downgraded Portugal by two notches on Tuesday, citing the country's deteriorating public finances.
The U.S. rating agency cut Portugal's long-term credit rating to A1 from Aa2 on concerns over its debt to gross domestic product and debt to revenue ratios, which have risen rapidly over the past two years.
The agency warned that Portugal's debt to GDP ratio will approach 90 percent, while its debt to revenue ratio will rise to 210 percent over the next two or three years.
