Nov. 25 (Bloomberg) -- Portugal is “rigorously” complying with its bailout program, said Carlos Moedas, deputy secretary of state to Portugal’s Prime Minister.

“When in doubt, many people assume that Portugal is a bit worse off than it really is,” Moedas said at a conference in Lisbon today. “That may not be necessarily true.”

Fitch cut Portugal’s credit rating to below investment grade yesterday. Moody’s already rates Portuguese bonds as junk and Standard and Poor’s rates them one notch above.

Moedas said Portugal is on the “right track” to meet the targets of its 78-billion-euro ($103 billion) emergency aid program from the European Union and the International Monetary Fund.

To contact the reporter on this story: Henrique Almeida in Lisbon at halmeida5@bloomberg.net

To contact the editor responsible for this story: Anabela Reis at areis1@bloomberg.net