Investors and credit rating agencies have reinforced their confidence in Portugal. The Canadian credit rating agency changed the trend from “stable” to “positive”.

This is the third trend change upwards in the last six months, after US firms Fitch and Standard & Poor's (S&P) upgraded their outlook to “positive”.

Despite the unfavourable international context, Portugal continues its work to reduce the public debt ratio. This is noted by DBRS, which recalls that for the first time since 2009, the debt ratio was below 90% of GDP last year.

At the same time, the credit rating agency is confident that the country can continue on this path to reduce debt. The analysts also praise the “prudent fiscal management and favourable growth dynamics".

Portugal ended last year with a 0.7% surplus above forecasts and growth close to 2%.

According to the Minister of Finance Joaquim Miranda Sarmento, “this rating is acknowledgement of the efforts made by households and companies, who have contributed to a more resilience and less indebted economy” and the “work carried out by the Government, which has strived to offer the citizens a serious response without overlooking the public accounts’ equilibrium”.

The Rating of the Republic remains at “A (high)”. At the moment, all of the credit rating agencies place the Republic’s Rating on the A level, the highest.