S&P revises Portugal view to stable

Standard & Poor's said it revised its outlook on the Republic of Portugal to stable from negative.

At the same time, the agency affirmed its unsolicited BB/B long- and short-term foreign and local currency sovereign credit ratings on Portugal.

S&P said the outlook revision reflects its views that: The economy and the labor market are recovering faster than it projected, with better-than-expected budgetary performance; the government has fully implemented the terms of the EU-International Monetary Fund Economic Adjustment Program; and the combined current and capital account surplus is sufficiently large to enable Portugal's economy to gradually reduce its large stock of net external debt (which includes Eurosystem financing).

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