Portugal's bond yields fall after Moody's upgrade, help push Italian yields down

LONDON, Oct 15 (Reuters) - Portuguese and Italian government bond yields fell on Monday, outperforming euro zone peers after ratings agency Moody's upgraded Portugal's credit rating by one notch back to investment grade.

Portugal's bond yields fell up to four basis points after Moody's lifted Portugal's credit rating to Baa3 on Friday, a move that came after the close of European markets.

Its 10-year yield was down 3.5 bps at 2.01 pct.

Analysts said the positive sentiment from the Portuguese upgrade spilled over into Italy's battered bond market.

Italian bond yields were down up to seven basis points, with 10-year yields falling 4.5 bps to 3.53 percent. (Reporting by Virginia Furness; Editing by Dhara Ranasinghe)

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