Fitch upgrades Portugal

Fitch Ratings said it upgraded Portugal's long-term foreign-currency issuer default rating to BBB from BB+.

The outlook is stable.

The upgrade reflects that financing conditions have turned favorable for the sovereign in recent months and debt management is actively taking advantage to lock in the benign conditions for a longer horizon, the agency explained.

Fitch also said that the Portuguese economy has experienced a strong cyclical recovery since mid-2016 and the short-term outlook has also improved.

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