Looks like the NCAA Tournament is not the only basketball game in town. Credit rating agency Fitch recently downgraded Portugal’s credit one level to AA- from AA. That gives us P-G in the global game of PIIGS (Portugal, Italy, Ireland, Greece, and Spain).
With Greece and Portugal under our belt, one wonders whether March Madness will spread to Italy, Ireland, and Spain.
We must also wonder whether Portugal will now hit debt rehab like Greece.
Either way, this news confirms Europe’s continued decent into economic upheaval. The Germans must be getting more nervous by the day as another top customer will soon be in timeout.
Are you worried by Portugal’s downgrade? Let us know in the comments below …