Fitch has been the last agency to raise its rating on Portugal to investment grade last Friday. The previous increase from S&P in September already showed signs of the sick person being in very good health. Neighbouring Spain should also see an improvement in its credit quality and be included in the A tranche, at least by S&P and Fitch.
Portugal investment grade
The PSI outpaced other European stock markets yesterday, boosted by S&P’s decision to raise Portugal’s investment grade (BBB-) for the first time since 2012: the Portuguese market “celebrated” the milestone with a 1.9% rise.