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S&P puts Portugal on creditwatch negative

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Standard & Poor's put Portugal's A-minus credit ratings on review for a possible downgrade, citing uncertainties related to a possible recourse to EU/IMF funding by the country.

“If Portugal does seek an external support program and if we believe private creditors will be subordinated to public creditors, or if Portugal's fiscal or growth prospects weaken further, we could lower the long- and short-term ratings,” the ratings agency said in a statement.

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