DBRS changes Portugal view

DBRS said it confirmed Portugal’s long-term foreign and local currency issuer ratings at BBB and short-term foreign and local currency issuer ratings at R-2 (high).

The trend was changed to positive.

“The fiscal deficit is slowly approaching balance and the government debt-to-GDP ratio is declining at a healthy pace,” the agency said in a news release.

“Portuguese banks’ non-performing loans (NPLs) are also decreasing in a meaningful way.

“Although real GDP growth is moderating, economic performance is expected to remain above the euro area average.”

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