EUROS

摘要

Portugal may be on its way to an upgrade over the next year, as S&P said that the country's economic and budgetary performance had outpaced the ratings agency's expectations. S&P on Friday revised Portugal's outlook to stable from negative and affirmed it at BB. The agency cited the economy and labour market recovering faster than projected and the ability of Portugal to reduce its large stock of external debt as factors contributing to the affirmation. Portugal will be exiting its €78bn bailout this month, while the country's debt office announced earlier last week that it will be looking to tap existing bonds via auction to raise money to fund itself. The Portuguese debt agency is scheduled to announce whether it will make use of its PGB auction window on Wednesday. Commerzbank analysts said that the February 2024s looked attractive for reopening, potentially in a double offering with the June 2019s.