View more on these topics

S&P downgrades Portugal

Standard & Poor’s has lowered Portugal’s long-term sovereign credit rating from A- to BBB but maintained its short-term credit ratings at A-2.

The move follows Fitch’s decision to downgrade the country’s foreign and local currency issuer default ratings after the Portuguese parliament failed to pass a new austerity package.

Portugal is currently struggling with high levels of government spending and borrowing in the wake of the credit crunch and the more recent eurozone debt crisis.

Standard & Poor’s says it downgraded Portugal because of the country’s failure to launch fresh austerity measures and the subsequent resignation of prime minister José Sócrates.

The rating agency says the political uncertainty may damage the confidence of the markets and increase the risk that Portugal will not be able to refinance its debt on favourable terms.

In addition, it says that the ratings for both long-term sovereign credit and short-term credit will remain on its CreditWatch with negative implications. They were placed on the watchlist on November 30 last year.

According to S&P, the rating could decline further if the new structure of the European Stability Mechanism bailout fund hits the country’s existing lenders.


Lloyds looks to raise £20bn to speed up branch sale

Lloyds Banking Group is said to be in talks to raise £20bn to speed up the sale of 600 of its branches before the November 2013 deadline. The European Commission ordered Lloyds to offload the branches in 2009 as a result of receiving state support when the bank took over HBOS at the height of […]

Gender verdict opens up PMI opportunities

Intermediaries need to assess what has gone on with the European court ruling banning gender pricing for insurance and what they need to do to address the situation. We have to start with the fact that equality between men and women is a fundamental principle of the European Union. Articles 21 and 23 of the […]

Budget 2011: Tax changes target wealth creation and philanthropy

In support of the Government’s stated aim to move the economy from rescue to reform and from reform to recovery, Chancellor George Osborne has made several tax changes. These are mainly focused on wealth creation and philanthropy, two key areas of policy for the coalition and of vital importance to private client practitioners and their […]

Buoyant Brooks Macdonald relaunches fund business

Wealth management firm Brooks Macdonald Group is relaunching its fund business in the summer led by former Scottish Widows Investment Partnership sales and marketing director Simon Wombwell. It will combine specialist funds under the Braemar Group acquisition in July with the four existing Brooks Macdonald funds. Wombwell became an executive director at the company last […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm