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Fitch raises outlook on Portugal's debt rating


Fitch raises outlook on Portugal's debt rating


More good news for Portugal as it moves closer to ending its need to be in a bailout programme.

The Fitch rating agency has raised its outlook on Lisbon’s debt to “positive” from “negative”.

It said that was because of the country’s strong progress in cutting its budget deficit and as it is now able to borrow on the debt market ahead of exiting its international bailout in May.

Portugal’s rating remains unchanged at BB+, just one notch into junk territory.

Fitch also upgraded its growth forecasts for Portugal to 1.3 percent for this year and 1.5 percent for 2015. The Lisbon government expects growth of 1.2 percent this year.

Other rating agencies are not so optimistic, Moody’s has Portugal’s outlook as “stable” and Standard & Poor’s rates it “negative”.

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