- Standard & Poor's
The Standard & Poor's international ratings agency has increased its outlook for Portugal's sovereign credit ratings, up from "neutral" to the "positive" one. The rating itself, however, remained unchanged at BB/B level. In its review, one of the leading rating agencies in the world along with Moody's and Fitch, pointed on a continuous improvement in country's finances and economic progress during recent times. Portugal, which was dependant on international (IMF and EU) support funds during the financial, economic and debt crisis peak-time, has now received a better forecast for economic growth in both years 2015 and 2016. On average, the S&P currently predicts the Portuguese economy to gain 1.8% this and next year, up around 0.2% from the agency's previous estimate made in November 2014. Moreover, S&P sees the country's national debt falling from 118% of GDP this year, down to 113% by 2018.
In the meantime, Mario Draghi testified on the European Central Bank's monetary policy before the European Parliament's Economic and Monetary Affairs Committee in Brussels on Monday. The ECB President gave a more positive assessment for the Euro area's economy as growth is gaining momentum helped by the QE programme started March 9. He stressed that one of the key factors of economic recovery is ensuring that inflation does not remain too low for a long period of time.
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