We’re out of BBB-, that financial rating that carries the whiff of infamous ‘rubbish’.
Standard & Poor’s has upgraded Portugal to BBB, which still means ‘lower investment grade’ but is now two important steps from ‘speculative’, with an outlook deemed “stable”.
In financial terms, it means the country will ‘save’ €1270 million in interest payments which will have a positive direct impact on the finances of families, businesses and the State
Reacting to the good news, finance minister Mário Centeno told reporters: “It’s a decision that contributes to reinforcing investor confidence and Portugal’s external credibility”.
With S&P’s new rating, others in the ‘big four’ agencies are expected to follow suit shortly.