KBRA lifts Portugal

KBRA said it upgraded Portugal’s long-term rating to A- from BBB+ and revised the outlook to stable from positive.

“KBRA’s decision to upgrade the ratings reflects Portugal’s enhanced resiliency due to structural transformation of the economy post-global financial crisis (GFC), which has reduced macro and fiscal imbalances, while also improving Portugal’s economic dynamism. Portugal’s government finances, including debt dynamics, have improved significantly in recent years and stand out against peers where the pandemic and energy shock have contributed to worsening metrics. Improving fundamentals, together with public investment, suggest robust growth is attainable over the medium-term horizon, which will aid government debt consolidation,” the agency said in a statement.

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