S&P raises Portugal credit rating to investment-grade

Rating agency S&P Global Ratings raised Portugal's credit rating to investment grade on 15th September 2017 and maintained the stable outlook. 

The country's credit rating was raised by a notch to 'BBB-' from 'BB+', citing strong economic and budgetary performance.

The agency also boosted the country’s growth forecast to an annual 2% between 2017 and 2020 (vs previous 1.5%). The rating change also reflects “solid progress [Portugal] has made in reducing its budget deficit.”

“This has a very significant impact,” Portuguese Finance Minister Mário Centeno said in an interview. “It allows a much vaster array of investors to have Portuguese debt in their portfolios. It also allows private debt to benefit from these better financing conditions, and this is very relevant for Portugueses banks.”

Tourism and exports have been driving a rebound in the economy, with the Bank of Portugal forecasting growth will accelerate to 2.5% this year. 

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