In a statement, Fitch said it was raising the former bailout country's long-term sovereign debt rating to BBB, the lowest investment-grade rating, from BB+ with a stable outlook. In a statement, Portuguese Finance Minister Mario Centeno hailed the move, calling it a "re-evaluation on an unprecedented scale." "This rating reflects the path of mastering public expenditures and of an improving current accounts balance," he said. As a share of GDP, gross government debt will decline by three percentage points this year to below 127 percent, the first decline since the sovereign debt crisis, Fitch said, noting a "firm downward trend." "The favorable debt dynamics are driven by a combination of previous structural fiscal measures, the recent cyclical recovery and a substantial improvement in financing conditions," the agency said.

Source: The Nation Bangkok December 15, 2017 23:26 UTC