Moody's Investors Service has today upgraded Portugal's government bond rating to Ba1 from Ba2. The outlook on the rating is now stable. Portugal's short-term debt rating remains unchanged at Not-Prime. Today's rating action concludes the review for upgrade that Moody's initiated on 9 May 2014. The rating action reflects the following key factors: 1) Moody's expectation that fiscal consolidation will remain on track despite unfavourable rulings by Portugal's Constitutional Court. This should support a gradual reduction in the very high public debt burden in the coming years. In addition, Moody's does not expect that ... (full story)