S&P lifts Portugal to BBB-/A-3

S&P said it raised its unsolicited foreign and local currency long- and short-term sovereign credit ratings on Portugal to BBB-/A-3 from BB+/B.

The outlook is stable.

“The upgrade reflects our improved forecast for Portugal's GDP growth during 2017-2020, as well as the solid progress it has made in reducing its budget deficit and the receded risk of a marked deterioration in external financing conditions,” the agency said in a news release.

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