Credit Rating Report

DBRS Morningstar Upgrades Republic of Portugal to BBB (high), Stable Trend

Sovereigns

Summary

DBRS Ratings Limited (DBRS Morningstar) upgraded the Republic of Portugal’s Long-Term Foreign and Local Currency – Issuer Ratings to BBB (high). At the same time, DBRS Morningstar upgraded Portugal’s Short-Term Foreign and Local Currency – Issuer Ratings to R-1 (low). The trend on all ratings is Stable.

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