Moody's ups Portugal

Moody's Investors Service said it upgraded Portugal's government bond rating to Ba2 from Ba3.

In addition, the agency placed the Ba2 rating on review for possible further upgrade.

Moody's said the rating action was triggered by the fact that Portugal's fiscal situation has improved more rapidly than initially targeted and the public debt ratio will start declining this year, albeit from a very high level. The budget deficit was reduced a full percentage point of GDP more than envisaged last year, indicating the government's strong commitment to fiscal consolidation.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.