Portugal was dealt another blow in its effort to avoid a bailout after a further downgrade by Standard & Poor’s Ratings Services left the country’s credit rating one notch above junk status. S&P lowered its rating on Portugal to BBB- from BBB, where it had been placed last week following the resignation of Prime Minister Jose Socrates. The premier announced his resignation after his minority government was unable to win passage of additional austerity measures. The agency said the cut was prompted by worries that a restructuring of sovereign debt could be a prerequisite for borrowing from the European ... (full story)