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Fitch Upgrades Portugal to 'BBB'; Outlook Stable
Fitch Ratings has upgraded Portugal's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'BBB' from 'BB+'. The Outlook is Stable. A full list of rating actions is at the end of this rating action commentary. KEY RATING DRIVERS The upgrade of Portugal's IDRs reflects the following key rating drivers and their relative weights: High Gross general government debt (GGGD) is expected to decline by more than 3pp of GDP this year, to below 127% of GDP. This will be the first decline in the GGGD ratio since the sovereign debt crisis. Fitch's assessment is that the debt trajectory is on a firm downward trend and the ... (full story)