Standard and Poor’s updates Portugal’s rating to investment grade

Standard and Poor’s uptated the rating of the Portuguese Republic to investment grade, announced the Finance Minister’s Office.

Standard and Poor’s joins DBRS in classifying Portuguese sovereign debt at investment grade, shortly after Moody’s and Fitch upgraded their outlook for Portuguese sovereign debt.

"Standard and Poor’s decision reflects an increasing recognition, by international and private entities, of the notable progress that Portugal has been making in its economy and public finances", said Finance Minister Mário Centeno.

"Standard and Poor’s supports its decision on the acknowledgement of the recent structural change that took place in the financial sector, on broad-based economic growth, grounded in strong investment and export dynamics, and in public expenditure and debt control", the Minister added.

Standard and Poor’s positive evaluation reflects the growing international acknowledgment of the solid economic and financial results that Portugal achieved, including in the public finances.

These include Portugal’s exit of the excessive deficit procedure, the lowest deficit in its democratic period, the greatest economic growth of this century and a job creation that exceeds the EU average.