DBRS changes Portugal to stable

DBRS said it confirmed the Republic of Portugal's long-term foreign and local currency issuer ratings at BBB (low) and short-term foreign and local currency issuer ratings at R-2 (middle).

The trends on all ratings were revised to stable from negative.

DBRS said the change in trend to stable principally reflects two factors: (a) DBRS' assessment that Portugal has made progress in narrowing the fiscal and the current account deficits, and (2) the build-up of sizeable cash buffers, amounting to €15.3 billion at the end 2013, which reduce rollover risk as the government exits its EFAP.

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