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Fitch Ratings downgraded Portugal's ratings 1 notch on Dec 23 to 'A+' from 'AA-', outlook negative. However, the move plays catch-up to decision by Moody's to placed Portugal's A1 rating on review for possible downgrade. However, both Moody's & Fitch are still lagging, where rating is still 2 notches above S&P's A- (credit watch). Earlier this week, Fitch Ratings placed Greece's 'BBB-' rating on Rating Watch Negative (RWN). A RWN indicates that there is a heightened probability that Greece's sovereign ratings will be downgraded and the review, which is expected to be completed during Jan 2011. Moody's also placed Greece's "Ba1" ratings on review for possible downgrade on Dec 16, but this merely plays catch-up to S&P decision to put Greece's "BB+" rating on CreditWatch with negative implications on Dec 2. Fitch is still lagging on Greek rating at BBB-, i.e. still 1 notch above junk, whilst S&P & Moody's have Greece in non-investment grade.
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