The financial rating agency Fitch upgraded Portugal's rating from A to A+, in a decision that the Minister of State and Finance, Joaquim Miranda Sarmento, classified as "yet another great victory for Portugal," particularly given that it occurred in a context of uncertainty and geopolitical and economic instability. This is the second rating upgrade by Fitch since April 2024 and the fourth upward revision of Portugal's rating in the last two years, following two upgrades by S&P in 2025. With this decision, Portugal now has a rating equal to that of France, Belgium, Estonia, Lithuania, Slovenia, and Malta.
Fitch highlighted the trajectory of reduction of Portuguese public debt, anticipating that the debt ratio should fall to 87% of Gross Domestic Product at the end of this year. The agency also noted the existence of considerably more robust fiscal balances, supported by a strong political commitment to fiscal discipline, forecasting a fiscal surplus of 0.1% in 2026.
Regarding economic activity, Fitch estimates that Portuguese GDP will grow by 2.1% this year, maintaining a growth trajectory above that of the eurozone, with investment identified as the main driver of expansion.
The Government states that it intends to maintain the current trajectory, through fiscal balance and public debt reduction, combined with reforms and measures aimed at increasing the productivity and competitiveness of the Portuguese economy, with the objective of creating conditions to increase exports and ensure sustained economic growth.
