CDS on Portugal rise on Moody’s warning

Ned Molloy
22 Dec 2010

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Five-year credit default swaps (CDS) on Portugal rose from 480bp at end of trading yesterday to 493bp as of 1300 today, after Moody's announced this morning it was placing the A1 rating of the Portuguese government on review for a possible downgrade.

Two more Portuguese banks - Caixa Economica Montepio Geral and Banco Internacional do Funchal - were put on review for possible downgrade by Moody's; both currently have Baa3 senior debt ratings. All other rated Portuguese banks had already been put

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