The financial rating agency Fitch upgraded Portugal's rating from A to A+, representing the second increase promoted by this agency since April 2024. The Ministry of Finance highlighted that this evolution, combined with the previous upgrades by S&P (from A- to A in February 2025 and from A to A+ in August 2025), totals four rating revisions in the last two years. With this upgrade, Portugal now has a rating equal to that of France, Belgium, Estonia, Lithuania, Slovenia and Malta.
The Minister of State and Finance, Joaquim Miranda Sarmento, celebrated the news as "another great victory for Portugal", noting that this improvement occurs in a geopolitical and economic context still marked by uncertainty and instability. The Ministry stated that the Government is committed to maintaining the path of fiscal balance and public debt reduction, simultaneously adopting reforms and measures to increase the productivity and competitiveness of the Portuguese economy.
Fitch is more optimistic than the Government itself regarding the public debt trajectory, pointing to a ratio of 87% at year-end. The agency also praised the "considerably more robust budget balances, sustained by a strong political commitment to fiscal discipline", projecting a budget surplus of 0.1% for this year.
Regarding economic growth, Fitch believes Portugal could end 2026 with GDP rising 2.1%, continuing a trend of growth above the Eurozone, with investment as the main driver of this expansion.
