KBRA upgrades Portugal

KBRA said it upgraded Portugal’s issuer rating to BBB+ and revised the outlook to stable from positive.

“KBRA’s upgrade of the ratings reflects Portugal’s improved economic resilience and underlying economic fundamentals, particularly with regard to growth and the labor market. Public investment, blending with pre-pandemic structural reforms, can enable higher rates of growth over the medium-term. Despite the sizable Covid-19 related deterioration in Portugal’s fiscal metrics, KBRA believes commitment to fiscal restraint and improved economic dynamism puts the economy on a path towards better fiscal health, although government debt will remain elevated over the medium term,” the agency said in a press release.

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