Portugal's government nationalised a small private bank, Banco Portugues de Negocios (BPN), on Sunday as the international financial crisis claimed its first victim in the Iberian country.
REUTERS/Jose Manuel Ribeiro (PORTUGAL) Acquire Licensing RightsLISBON, Nov 18 (Reuters) - Moody's upgraded Portugal's long-term issuer rating two notches to A3 from Baa2, despite the political crisis triggered by the resignation of the country's prime minister due to an investigation into alleged irregularities in his government.
Moody's said it appeared the country's institutions were dealing with the crisis in an "effective and transparent manner".
The 2024 budget, which is set to be approved by the Socialist parliamentary majority on Nov. 29, projects economic growth slowing down to 1.5% in 2024 from the 2.2% growth expected this year.
It sees "significant private and public investments as well as the implementation of further structural reforms", both linked to the country's recovery plan.
Persons:
Jose Manuel Ribeiro, Antonio Costa, Marcelo Rebelo de Sousa, Moody's, Fernando Medina, Medina, Sergio Goncalves, David Latona
Organizations:
Banco Portugues de, Rights, Finance, Socialist, Thomson
Locations:
Portuguese, Lisbon, Banco Portugues de Negocios, PORTUGAL, Rights LISBON, Baa2, Portugal