Fitch Lowers Portugal's Rating Outlook

(RTTNews) - Fitch Ratings downgraded Portugal's rating outlook to 'stable' from 'positive' citing weak fiscal performance.

Elsewhere, Moody's maintained the sovereign ratings of Norway with 'stable' outlook as the economy remain resilient amid strong fiscal position.

Standard & Poor's Ratings Services kept the credit ratings of Sweden at 'AAA' and left the 'stable' outlook unchanged.

Fitch said Portugal's fiscal performance was well off-target in 2015 and its plans for fiscal deficit reduction for this year were at risk.

In Fitch's view, the preliminary budget target of 2.2 percent of GDP was based on optimistic assumptions of economic growth and price developments.

Nonetheless, the agency affirmed 'BB+' ratings as economic growth continues to remain moderate.

Moody's Investors Service retained Norway's coveted 'AAA' ratings on Friday. The agency said Norway's economic resiliency was underpinned by a significant degree of diversification, as well as by flexible fiscal and monetary policies.

Moreover, Norway's fiscal framework and sovereign wealth fund mitigate the impact of low oil prices on the government's fiscal strength.

S&P said the triple A ratings on Sweden reflect the country's prosperous and competitive economy as well as its robust fiscal buffers.

The economy also benefits from high institutional effectiveness, robust fiscal buffers, and ample monetary policy flexibility, S&P noted.