Current Portugal credit ratings, according to main rating agencies.
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| Rating Agency | Rating | Outlook | Last Update | Action |
|---|---|---|---|---|
| Standard & Poor's | BBB+ | positive | 11 Sep 2023 | outlook upgrade |
| Moody's Investors Service | Baa2 | positive | 22 May 2023 | outlook upgrade |
| Fitch Ratings | A- | - | 2 Oct 2023 | rating upgrade |
| DBRS | A | - | 24 Jul 2023 | rating upgrade |
Portugal: Long-term Rating Scales Comparison
Symbol means a positive outlook assigned by the rating agency.
Symbol means a negative outlook.
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| Grade | Description | S&P | Moody's | Fitch | DBRS |
|---|---|---|---|---|---|
|
Investment Grade |
Prime |
AAA
|
Aaa
|
AAA
|
AAA
|
| High Medium Grade |
AA+
|
Aa1
|
AA+
|
AA(high)
|
|
|
AA
|
Aa2
|
AA
|
AA
|
||
|
AA-
|
Aa3
|
AA-
|
AA(low)
|
||
| Upper Medium Grade |
A+
|
A1
|
A+
|
A(high)
|
|
|
A
|
A2
|
A
|
A
|
||
|
A-
|
A3
|
A-
|
A(low)
|
||
| Lower Medium Grade |
BBB+
|
Baa1
|
BBB+
|
BBB(high)
|
|
|
BBB
|
Baa2
|
BBB
|
BBB
|
||
|
BBB-
|
Baa3
|
BBB-
|
BBB(low)
|
||
|
Speculative Grade |
Speculative |
BB+
|
Ba1
|
BB+
|
BB(high)
|
|
BB
|
Ba2
|
BB
|
BB
|
||
|
BB-
|
Ba3
|
BB-
|
BB(low)
|
||
| Highly Speculative |
B+
|
B1
|
B+
|
B(high)
|
|
|
B
|
B2
|
B
|
B
|
||
|
B-
|
B3
|
B-
|
B(low)
|
||
| Substantial Risk |
CCC+
|
Caa1
|
CCC+
|
CCC(high)
|
|
|
CCC
|
Caa2
|
CCC
|
CCC
|
||
|
CCC-
|
Caa3
|
CCC-
|
CCC(low)
|
||
| Extremely Speculative |
CC
|
Ca
|
CC
|
CC
|
|
|
C
|
C
|
C
|
C
|
||
| In Default |
RD
|
/
|
RD
|
RD
|
|
|
SD
|
/
|
SD
|
SD
|
||
|
D•NR
|
D•NR
|
D•NR
|
D•NR
|
||
Portugal Credit Ratings historical data
Timetable of Portugal credit ratings by S&P, Moody's, Fitch and DBRS agencies.
Symbol means a positive outlook assigned by the rating agency.
Symbol means a negative outlook.
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| Date | S&P | Moody's | Fitch | DBRS |
|---|---|---|---|---|
| 2 Oct 2023 | A- | |||
| 11 Sep 2023 | BBB+ | |||
| 24 Jul 2023 | A | |||
| 22 May 2023 | Baa2 | |||
| 31 Oct 2022 | BBB+ | |||
| 12 Sep 2022 | BBB+ | |||
| 29 Aug 2022 | A (low) | |||
| 7 May 2022 | BBB | |||
| 26 Feb 2022 | BBB (high) | |||
| 20 Sep 2021 | Baa2 | |||
| 25 Apr 2020 | BBB | |||
| 18 Apr 2020 | BBB | |||
| 7 Oct 2019 | BBB (high) | |||
| 14 Sep 2019 | BBB | |||
| 10 Aug 2019 | Baa3 | |||
| 25 May 2019 | BBB | |||
| 8 Apr 2019 | BBB | |||
| 16 Mar 2019 | BBB | |||
| 13 Oct 2018 | Baa3 | |||
| 15 Sep 2018 | BBB- | |||
| 20 Apr 2018 | BBB | |||
| 15 Dec 2017 | BBB | |||
| 15 Sep 2017 | BBB- | |||
| 1 Sep 2017 | Ba1 | |||
| 16 Jun 2017 | BB+ | |||
| 4 Mar 2016 | BB+ | |||
| 18 Sep 2015 | BB+ | |||
| 20 Mar 2015 | BB | |||
| 25 Jul 2014 | Ba1 | |||
| 9 May 2014 | BB | Ba2 | ||
| 11 Apr 2014 | BB+ | |||
| 4 Mar 2014 | BB+ | |||
| 8 Nov 2013 | Ba3 | |||
| 5 Jul 2013 | BB | |||
| 6 Mar 2013 | BB | |||
| 22 May 2012 | BBB (low) | |||
| 13 Feb 2012 | Ba3 | |||
| 30 Jan 2012 | BBB (low) | |||
| 13 Jan 2012 | BB | |||
| 24 Nov 2011 | BB+ | |||
| 21 Nov 2011 | BB+ | |||
| 19 Oct 2011 | BBB | |||
| 5 Jul 2011 | Ba2 | |||
| 24 May 2011 | BBB (high) | |||
| 5 Apr 2011 | Baa1 | |||
| 1 Apr 2011 | BBB- | |||
| 29 Mar 2011 | BBB- | |||
| 24 Mar 2011 | BBB | A- | ||
| 15 Mar 2011 | A3 | |||
| 23 Dec 2010 | A+ | |||
| 21 Dec 2010 | A1 | |||
| 10 Nov 2010 | A (low) | |||
| 13 Jul 2010 | A1 | |||
| 27 Apr 2010 | A- | |||
| 24 Mar 2010 | AA- | |||
| 7 Dec 2009 | A+ | |||
| 29 Oct 2009 | Aa2 | |||
| 3 Sep 2009 | AA | |||
| 21 Jan 2009 | A+ | |||
| 13 Jan 2009 | AA- | |||
| 1 May 2007 | AA | |||
| 29 Jun 2005 | AA | |||
| 27 Jun 2005 | AA- | |||
| 29 Oct 2004 | AA | |||
| 15 Dec 1998 | AA | |||
| 4 Jun 1998 | AA | |||
| 4 May 1998 | Aa2 | |||
| 6 Oct 1997 | AA- | |||
| 10 Feb 1997 | Aa3 | |||
| 10 Aug 1994 | AA- | |||
| 26 May 1993 | AA- | |||
| 25 Oct 1991 | A+ | |||
| 26 Oct 1989 | A | |||
| 26 Jun 1989 | A | |||
| 1 Oct 1988 | A | |||
| 18 Nov 1986 | A1 |