Moody's turns Portugal view to positive

Moody's Investors Service said it changed the outlook on the government of Portugal to positive from stable and affirmed the long-term foreign- and local-currency issuer and senior unsecured ratings at Baa2.

Concurrently, the agency affirmed the senior unsecured medium-term local-currency note program rating at (P)Baa2.

“Moody's decision to change the outlook to positive reflects the increasing probability that a long period of economic and fiscal reforms, deleveraging of households and non-financial corporations and banking sector repair will result in continued and sustained improvement of the credit profile, in particular in economic and fiscal strength. Positive rating momentum could also stem from investments and reforms that prove effective in boosting medium-term growth potential,” the agency said in a press release.

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