The financial rating agency Fitch upgraded Portugal's risk classification from A to A+, with a stable outlook, which was received as "excellent news" by the President of the Republic, António José Seguro. In a note published on the Presidency's website, Seguro considered this would be "surely one of the most relevant economic news" of 2026, attributing the result to the effort of the Portuguese people and a fiscal responsibility orientation maintained across different governments.
Fitch justified the upgrade with the strengthening of Portuguese public finances, including the projected trajectory of public debt reduction and the existence of stronger budget balances than those of countries with similar ratings. The agency also highlighted governance indicators above the median of countries in the A category and the "institutional strengths" resulting from Portugal's integration in the European Union and the euro area. Despite these positive factors, Fitch stated that the assessment is counterbalanced by the still elevated levels of public debt and accumulated external debt.
The Ministry of Finance considered that the improvement in the classification places Portugal at the level of France and Belgium and demonstrates the confidence of international investors. Minister Joaquim Miranda Sarmento classified the decision as "another great victory for Portugal," noting that the upgrade occurs "in a geopolitical and economic context still marked by uncertainty and instability."
Seguro defended that the credibility gained should be preserved and put at the service of a more productive economy, better wages, and strong public services. He also noted that, although the effects are not automatic or immediate, a better rating can favor financing conditions for the State, companies, and families, support investment and job creation, and help mitigate the effects of more demanding international financing conditions, at a time when families and companies fear a worsening of interest rates.
