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Fitch upgraded the rating of the Portuguese Republic to investment grade. "This rating reflects the control of public expenditure and the improvement of the current account. This is the recognition of the economic policy options taken by the Portuguese Government", said Finance Minister Mário Centeno.

"The unprecedented magnitude of this decision has been possible, as the agency points out, by the recent positive and structural changes in key areas. The robust growth since mid-2016; the dynamism of job creation and the reduction in unemployment rate to 8.5% (down from 17.5% in 2013); the recent strengthening of the financial sector; the assurances of meeting budgetary targets and the firm and sustainable reduction of public debt."

Full press release from the Portuguese Ministry of Finance.

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