Portugal says Moody's cut due crisis, working on debt

LISBON, Oct 29 (Reuters) - Portugal's Finance Minister Fernando Teixeira dos Santos said on Thursday the cut in the ratings outlook by Moody's Investors Service was a result of the global crisis, while the government is working to reduce public deficit and debt. "The government remains firmly committed to the reforms that will enable future economic growth and create conditions to reduce the burden of deficit and debt in the economy, after the crisis is overcome," he told Reuters.

Moody's cut its outlook for euro zone member Portugal's Aa2 debt ratings earlier on Thursday to negative from stable citing structural economic challenges, rising debt and the government's slow tackling of the problems [ID:nLT387819]. (Reporting by Sergio Goncalves and Andrei Khalip)