Portugal

Portugal’s public debt reached 231 billion euros in November

5 January 2016

Portuguese public debt increased by 2 billion euros between October and November, when it totalled 231.3 billion euros, the Bank of Portugal said Monday in Lisbon. The central bank explained the increase was due to an increase in loans (of 900 million euros) and issues of Treasury bonds, worth 1 billion euros.

Moody’s lowers credit rating of Portugal’s Novo Banco

5 January 2016

Moody's downgraded from "B2" to "Caa1" the credit rating on senior debt and long-term deposits of Portugal's Novo Banco, the bank that inherited the healthy assets of the bankrupt Banco Espírito Santo (BES), according to information released Monday. This downgrade was made despite five senior debt series being passed on to BES, with Moody's considering that "the bank's credit profile is very weak, despite the increase in capital cushions (...) and the benefits of state-guaranteed financing being extended".

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