Portugal Credit Rating

Current Portugal credit ratings, according to main rating agencies.

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Rating Agency Rating Outlook Last Update Action
Standard & Poor's A- positive 4 Mar 2024 rating upgrade
Moody's Investors Service A3 - 18 Nov 2023 rating 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
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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
4 Mar 2024 A-
18 Nov 2023 A3
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

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