Tags: EU | Portugal | Economy

Portugal Is Upgraded out of Junk Status and Its Markets Jump

Monday, 18 September 2017 07:38 AM

LISBON, Portugal (AP) — Portugal's stock market is surging and its government borrowing rates are falling after the country recovered its investment-grade rating from Standard & Poor's.

The Lisbon stock exchange rose more than 1 percent Monday and the 10-year bond yield dropped 0.29 percentage points — an unusually large one-day increase — to 2.49 percent, the lowest rate since late 2015.

S&P said late Friday that Portugal has made "solid progress" in restoring its financial health since needing a 78 billion-euro ($93 billion) bailout in 2011 amid the eurozone crisis. It raised its rating from BB+, or junk status, to BBB-.

Fitch and Moody's, the other two main ratings agencies, still rate Portugal's debt at junk.

After a period of austerity and recession, Portugal expects the economy to grow 2.5 percent this year.

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Portugal's stock market is surging and its government borrowing rates are falling after the country recovered its investment-grade rating from Standard & Poor's.The Lisbon stock exchange rose more than 1 percent Monday and the 10-year bond yield dropped 0.29 percentage...
EU,Portugal,Economy
131
2017-38-18
Monday, 18 September 2017 07:38 AM
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