The other business news stories of the day in brief

Fitch downgrades Portugal debt rating over financial concerns

Portugal’s debt rating was downgraded one level by Fitch Ratings yesterday, which cited concern about the “financing environment” for the government and the countrys banks, as well as the economy’s outlook.

The long-term foreign and local currency issuer default rating was lowered to A+, the fifth-highest level, from AA-. The outlook is negative. Fitch on March 24th cut the rating by one step to AA-. “The downgrade reflects an even slower reduction in the current account deficit and a much more difficult financing environment for the Portuguese government and banks than incorporated into Fitch’s previous rating and the negative outlook assigned on March 24th, 2010, as well as a deteriorating near-term economic outlook,” the rating company said. – (Bloomberg)

GE set for second dredging phase

General Electric said it will do a second phase of dredging New York’s upper Hudson River to comply with a plan by the US environmental protection agency to lower the amount of toxic sediment in the waterway.

The dredging will begin before mid-2011, and an after-tax charge of $500 million will be taken in the current quarter to pay for the project, the Fairfield, Connecticut-based company said.

GE said it expects the charge to be offset by a favourable tax settlement. – (Bloomberg)

Foreign financial assets steady

Ireland’s quarterly international investment position showed overall stocks of foreign financial assets of €2.5 trillion as of the end of September, almost unchanged from the level at the end of June.

The corresponding overall stocks of foreign financial liabilities of €2.65 trillion were up almost €7 billion on the level at the end of June, according to figures published yesterday by the Central Statistics Office. Irish residents had a net foreign liability of €149.4 billion at the end of September, an increase of €7 billion on the previous quarter.