The rumors yesterday about a Portuguese downgrade ended up being true, courtesy of Fitch. Portugal to Bund spread widens 4 bps to 125bps, all European spreads wider also as a result. Euro dumped and breaks 1.35 support, last seen in mid 1.33 range. Full Fitch text. Fitch Ratings: Fitch Ratings has downgraded Portugal's Long-term foreign and local currency Issuer Default Ratings (IDR) to 'AA-' from 'AA'.