Standard & Poor's credit rating for Portugal stands at BBB with stable outlook. Moody's credit rating for Portugal was last set at Baa3 with positive outlook. Fitch's credit rating for Portugal was last reported at BBB with stable outlook. DBRS's credit rating for Portugal is BBB (high) with stable outlook. In general, a credit rating is used by sovereign wealth funds, pension funds and other investors to gauge the credit worthiness of Portugal thus having a big impact on the country's borrowing costs. This page includes the government debt credit rating for Portugal as reported by major credit rating agencies.


AgencyRatingOutlookDate
S&PBBB Stable Apr 24 2020
FitchBBB Stable Apr 17 2020
DBRSBBB (high) Stable Oct 04 2019
S&PBBB Positive Sep 13 2019
Analyst80 Stable Sep 04 2019
Moody'sBaa3 Positive Aug 09 2019
FitchBBB Positive May 24 2019
DBRSBBB Positive Apr 05 2019
S&PBBB Stable Mar 15 2019
Moody'sBaa3 Stable Oct 12 2018
S&PBBB- Positive Sep 14 2018
DBRSBBB Stable Apr 20 2018
FitchBBB Stable Dec 15 2017
S&PBBB- Stable Sep 15 2017
Moody'sBa1 Positive Sep 01 2017
FitchBB+ Positive Jun 16 2017
FitchBB+ Stable Mar 04 2016
S&PBB+ Stable Sep 18 2015
S&PBB Positive Mar 20 2015
Moody'sBa1 Stable Jul 25 2014
DBRSBBB (low) Stable May 23 2014
S&PBB Stable May 09 2014
Moody'sBa2 Positive Watch May 09 2014
FitchBB+ Positive Apr 11 2014
FitchBB+ Stable Mar 04 2014
S&PBB Negative Jan 17 2014
Moody'sBa3 Stable Nov 08 2013
S&PBB Negative Watch Sep 18 2013
S&PBB Negative Jul 05 2013
S&PBB Stable Mar 06 2013
DBRSBBB (low) Under Review Aug 22 2012
DBRSBBB (low) Under Review May 22 2012
Moody'sBa3 Negative Feb 13 2012
DBRSBBB (low) Negative Jan 30 2012
S&PBB Negative Jan 13 2012
S&PBBB- Negative Watch Dec 05 2011
FitchBB+ Negative Nov 24 2011
FitchBB+ Positive Nov 21 2011
DBRSBBB Negative Oct 19 2011
Moody'sBa2 Negative Jul 05 2011
DBRSBBB (high) Negative May 24 2011
Moody'sBaa1 Negative Watch Apr 05 2011
FitchBBB- Negative Watch Apr 01 2011
S&PBBB- Negative Mar 29 2011
S&PBBB Negative Watch Mar 24 2011
FitchA- Negative Watch Mar 24 2011
Moody'sA3 Negative Mar 15 2011
FitchA+ Negative Dec 23 2010
Moody'sA1 Negative Watch Dec 21 2010
S&PA- Negative Watch Nov 30 2010
DBRSA (low) Negative Nov 10 2010
Moody'sA1 Stable Jul 13 2010
Moody'sAa2 Negative Watch May 05 2010
S&PA- Negative Apr 27 2010
FitchAA- Negative Mar 24 2010
S&PA+ Negative Dec 07 2009
Moody'sAa2 Negative Oct 29 2009
FitchAA Negative Sep 03 2009
S&PA+ Stable Jan 21 2009
S&PAA- Negative Watch Jan 13 2009
FitchAA Stable May 01 2007
FitchAA Negative Jun 29 2005
S&PAA- Stable Jun 27 2005
S&PAA Negative Oct 29 2004
FitchAA Stable Sep 21 2000
S&PAA Stable Dec 15 1998
FitchAA N/A Jun 04 1998
Moody'sAa2 Stable May 04 1998
S&PAA- Positive Oct 06 1997
Moody'sAa3 Stable Feb 10 1997
FitchAA- N/A Aug 10 1994
S&PAA- Stable May 26 1993
S&PA+ Stable Oct 25 1991
S&PA Stable Oct 26 1989
S&PA Positive Jun 26 1989
S&PA N/A Oct 01 1988
Moody'sA1 Stable Nov 18 1986

 S&PMoody'sFitchDBRSTE
B+ B1 35
BBB BBB+ 62
CCC+ Caa1 CCC 21
CCC+ Ca CCC CCC 15
Ba3 B+ 16
BBB+ BB 55
AAA Aaa AAA AAA 100
AA+ Aa1 AA+ AAA 96
BB+ Ba2 BB+ 48
BB Ba2 50
B+ B2 B+ 35
BB- Ba3 BB- 40
B- Caa1 22
B B3 B 28
AA Aa3 AA- AA (high) 86
CCC+ Caa1 14
B+ B2 B 31
A+ A2 N/A 78
B+ B2 B 33
B B3 27
BBB+ A2 70
BB- Ba2 BB- BB (low) 42
BBB Baa1 BBB 60
B 25
N/A B2 30
B- B2 B 28
AAA Aaa AA+ AAA 100
B B- 27
Aa3 85
A+ A1 A- N/A 78
A+ A1 A+ A (high) 80
BBB- Baa2 BBB- BBB 57
CCC+ Caa1 20
B B2 B 31
BBB- Ba2 BBB- 51
Caa2 15
BBB- Ba2 BBB- BBB (low) 50
AA- Aa3 AA- 83
AAA Aaa AAA AAA 100
BB- Ba3 BB- 40
B- Caa3 B- 18
B B2 B+ 30
B- B3 B- 25
AA- A1 AA- AA (low) 83
B B2 B 30
AA Aaa AAA AAA 98
BB- Ba3 40
AA+ Aa1 AA+ AA (high) 96
AA Aa2 AA AA (high) 92
N/A Caa1 CCC 26
BB Ba2 BB 45
AAA Aaa AAA AAA 100
B- B3 B 23
BB- B1 BB BB (low) 37
SD
BB- Ba1 BB- 45
BB- B1 35
AA+ Aa3 AA- 90
BBB Baa3 BBB 58
A A2 A 75
BBB- Baa3 BBB- BBB 56
BBB Baa2 BBB 60
B- Caa1 B- 23
AA- A2 A+ A (high) 78
N/A Aa3 90
AA- A1 A+ 81
BBB Baa3 BBB- BBB (high) 61
Ba3 B+ 37
B+ B2 B+ 33
A+ A1 A A (high) 77
B+ B1 BB- 36
BBB- Baa3 BBB 56
B+ B2 B+ 33
AA- A1 AA 88
NR B2 30
Caa2 CCC 20
A+ A3 A- A (low) 73
D C RD 11
B 30
AAA 100
A+ A3 A A 75
AAA Aaa AAA AAA 100
Aa3 AA 87
BB- BB+ 45
A- A3 A- 70
B3 B 30
Caa1 25
A- A2 A+ A (high) 75
Baa1 65
BBB Baa1 BBB- BBB 60
B3 25
B B3 B 28
B+ B1 35
BBB- 55
BBB- Ba1 BB+ 53
CCC+ Caa2 CCC 14
Ba2 BB 45
AAA Aaa AAA AAA 100
AA Aaa AA 93
B- B3 B- 25
B3
B- B2 B 28
AAA Aaa AAA AAA 99
B+ Ba3 BB- 40
B- B3 B- 25
BBB+ Baa1 BBB 63
B- B2 30
BB Ba1 BB+ 46
BBB+ A3 BBB+ N/A 65
BBB+ Baa2 BBB 61
A- A2 A- A 71
BBB Baa3 BBB BBB (high) 71
D 0
AA- Aa3 AA- 85
CCC+ Caa2 CCC 20
BBB- Baa3 BBB- 55
BBB- Baa3 BBB 55
B+ B2 B+ 33
BB+ 55
A- A1 A 75
B+ Ba3 37
BB+ Ba3 BB+ 46
B+ 45
AAA Aaa AAA AAA 98
A+ A2 A A (high) 76
AA- A3 A A (high) 75
B3 25
BB- Ba1 BB 46
AA Aa2 AA- 86
A Baa1 A- A 71
B- Caa1 B- 26
B3 25
CCC Caa3 C 15
B3 30
AAA Aaa AAA AAA 99
AAA Aaa AAA AAA 100
AA- Aa3 AA- 83
B- B3 25
B2 35
BBB+ Baa1 BBB+ 65
B B3 30
BBB- Ba1 52
N/A B2 B 30
B+ B2 BB- BB (high) 36
B B2 B+ 31
B B3 B 26
AA Aa2 AA 90
AA Aa3 AA- AAA 91
AA+ Aaa AAA AAA 98
BBB Baa2 BBB- BBB (low) 55
BB- B1 BB- 38
SD WR RD 11
BB Ba3 BB 43
SD Ca C 30


Credit Ratings

TE S&P Moody's Fitch DBRS Description
100 AAA Aaa AAA AAA Prime
95 AA+ Aa1 AA+ AA (high) High grade
90 AA Aa2 AA AA
85 AA- Aa3 AA- AA (low)
80 A+ A1 A+ A (high) Upper medium grade
75 A A2 A A
70 A- A3 A- A (low)
65 BBB+ Baa1 BBB+ BBB (high) Lower medium grade
60 BBB Baa2 BBB BBB
55 BBB- Baa3 BBB- BBB (low)
50 BB+ Ba1 BB+ BB (high) Non-investment grade
speculative
45 BB Ba2 BB BB
40 BB- Ba3 BB- BB (low)
35 B+ B1 B+ B (high) Highly speculative
30 B B2 B B
25 B- B3 B- B (low)
20 CCC+ Caa1 CCC CCC (high) Substantial risks
15 CCC Caa2 CCC Extremely speculative
10 CCC- Caa3 CCC (low) In default with little
prospect for recovery
  CC Ca CC
5 C C C
0 D / DDD   In default
/ DD D
D
Standard & Poor, Moody's, Fitch and DBRS' sovereign debt credit rating is displayed above. In addition, the Trading Economics (TE) credit rating is shown scoring the credit worthiness of a country between 100 (riskless) and 0 (likely to default). Unlike the ratings provided by the major credit agencies, our index is numerical because we believe it is easier to understand and more insightful when comparing multiple countries. Arguably, our ratings are less likely to be manipulated because they are unsolicited and we are not paid in any way to provide countries with a rating. Technically, our ratings are based on a forward looking macro economic model which takes into account several leading economic indicators, financial markets and very little discretion. If you have any question please email us at contact@tradingeconomics.com