Rating improvement shows the "growing acknowledgement of the portuguese economy strength"

The outlook on the rating of Portugal was changed by Moody’s from Stable to Positive, announced the Finance Minister’s Office.

"With this decision Moody's now joins a growing number of institutional and private players who acknowledge the strength of the Portuguese economy", said the Minister of Finance Mário Centeno.

"Moody's highlights the progress made in fiscal management, as well as broad-based economic growth driven by investment and exports", the Minister added.

Mário Centeno stressed that "Portugal is able to combine these two dynamics while generating employment, thus improving confidence in the future".

This decision follows a similar one taken by Fitch on June 16th and paves the way to an upgrade of the Portuguese Republic to investment grade, which will be based on the confirmation of the sustainability of economic growth, the quality of budgetary management, and the reformist drive of the Government.

Moody's also notes the effective expenditure control and credible management of public debt, confirming its prospects of embarking on a declining trend.