S&P cuts its credit rating on 5 major Portuguese banks and warns it may lower its rating on...

|By:, SA News Editor

S&P cuts its credit rating on 5 major Portuguese banks and warns it may lower its rating on the country this week, following a downgrade last week. Portuguese bond yields hit another post-EMU record high, the 10 year fetching 8.16%. The euro is back near the lows of the session at $1.4130.