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Portuguese bonds climb in anticipation of escape from ‘junk’ status
Investors are piling into Portuguese debt in expectation that one of the major ratings agencies will raising the company’s debt rating to investment-grade status, and therefore making it eligible for bond benchmark indexes. That is a move that could bring in billions of dollars from investors abroad. Fitch Ratings is expected to revise Portugal’s rating up from BB+. The ratings company had kept Portugal on a positive outlook, an indication that they have kept the door open to raising its credit rating. The move would show the country is showing signs of economic improving after being left in the wilderness of ... (full story)