DBRS boosts Portugal

DBRS said it upgraded the Republic of Portugal’s long-term foreign- and local-currency issuer ratings from BBB (high) to A (low) and changed the trend from positive to stable.

“The ratings upgrades reflect DBRS Morningstar’s assessment that credit vulnerabilities to Portugal linked to external shocks are receding and macroeconomic prospects are improving. Following the severe 8.4% economic contraction in 2020, the recovery has been strong. GDP grew by 4.9% last year and the European Commission (EC) forecasts the economy to grow by 6.5% this year,” the agency said in a press release.

The revised trend mirrors the view that risks to the ratings are balanced, DBRS said.

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