S&P revises Portugal view to positive

S&P said it revised its outlook on Portugal to positive from stable while affirming its BBB-/A-3 unsolicited foreign and local currency long- and short-term sovereign credit ratings.

The agency said the positive outlook reflects the possibility of an upgrade if private and public deleveraging proceeds alongside improvements in financial stability.

“We expect the Portuguese economy to grow at close to 2% annually through 2021, with the government budgetary deficit improving to 0.4% of GDP in 2020, from 0.7% this year,” S&P said in a news release.

“External deleveraging should continue as direct investment replaces external debt, while we expect exports to make up 50% of GDP by 2021.”

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