Fitch turns Portugal view to positive

Fitch Ratings said it revised the outlook on Portugal's long-term foreign-currency issuer default rating to positive from stable and affirmed the IDR at BBB.

“Fiscal fallout from the pandemic has been less severe than in most European peers, and while the debt ratio is high, it is on a firm downward path. A stronger-than-expected economic recovery, and a degree of spending restraint in the government's pandemic response, have led to better fiscal outturns relative to the eurozone average,” the agency said in a press release.

Fitch also noted Portugal's 2.8% fiscal deficit is also under the median deficit of BBB category peers at 4.4% of GDP.

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