Moody’s does not comment on Portugal, which remains two levels above rubbish – Obligations
Moody’s chose not to comment on Portugal’s sovereign debt, which thus remained in the penultimate grade of the quality investment category (ie, two levels above “junk”). The “outlook” (perspective for the evolution of debt quality) remains stable.
Last September, the agency raised the Republic’s rating, which was equal to that assigned by Fitch and Standard & Poor’s.
For today, it was expected that the “outlook” could be raised to positive, as Fitch did on May 6th, but this did not happen.
Moody’s has been more resistant than its peers in improving the Portuguese rating. It was the first agency to put Portugal in the “garbage” – speculative investment category – and the last to remove it from that level.
At the end of 2011, the year in which Portugal received assistance from the troika (EU and European Commission through two different mechanisms, and the IMF) under the rescue program, S&P and Fitch also already had Portugal in “junk”.
S&P was the first of the three big agencies – the so-called three sisters Portuguese debt at quality investment grade. It did so in September 2017, giving it a BBB (two levels above “junk”). It was followed in October 2018. quality, with a stable outlook. That is, it improved but did not score the Republic as well as its counterparts, leaving it a level below.
In August 2019, Moody’s raised the “outlook” to positive, but it wasn’t until September 17 of last year that it improved the rating by another notch, thus equaling “two sisters”, but dropping an outlook to stable.
The valid Canadian, which completes the range of four of its portfolios of trusted candidates “ratings” by the ECB to assess a Portuguese safe sovereign debt and a Portuguese safe acquisition insured portfolio, was the only one above its loyalty program. reliable without the notation”.