Portugal Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
A3 Stable | A+ Stable | A- Stable | A (high) Stable | A Positive |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Oct 31, 2025 | Scope Ratings | A | Stable | A | Positive | |
| Aug 29, 2025 | S&P | A | Positive | A+ | Stable | |
| Mar 01, 2025 | S&P | A- | Positive | A | Positive | |
| Jan 17, 2025 | DBRS | A | Positive | A (high) | Stable | |
| Nov 22, 2024 | Scope Ratings | A- | Positive | A | Stable | |
| Jul 26, 2024 | Scope Ratings | A- | Stable | A- | Positive | |
| Jul 19, 2024 | DBRS | A (low) | Stable | A | Positive | |
| Mar 01, 2024 | S&P | BBB | Stable | A- | Positive | |
| Nov 17, 2023 | Moody's | Baa2 | Stable | A3 | Stable | |
| Sep 29, 2023 | Fitch | BBB+ | Stable | A- | Stable | |
| Mar 24, 2023 | Scope Ratings | BBB+ | Positive | A- | Stable | |
| Oct 28, 2022 | Fitch | BBB | Stable | BBB+ | Stable | |
| Aug 26, 2022 | DBRS | BBB (high) | Positive | A (low) | Stable | |
| May 13, 2022 | Scope Ratings | BBB+ | Stable | BBB+ | Positive | |
| Feb 25, 2022 | DBRS | BBB (high) | Stable | BBB (high) | Positive | |
| Sep 17, 2021 | Moody's | Baa3 | Positive | Baa2 | Stable | |
| Apr 24, 2020 | S&P | BBB | Positive | BBB | Stable | |
| Apr 17, 2020 | Fitch | BBB | Positive | BBB | Stable | |
| Jan 31, 2020 | Scope Ratings | BBB | Positive | BBB+ | Stable | |
| Oct 04, 2019 | DBRS | BBB | Positive | BBB (high) | Stable |
Table Key
| Grade | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Prime | Aaa | AAA | AAA | AAA | AAA |
High Grade | Aa1 | AA+ | AA+ | AA (high) | AA+ |
Aa2 | AA | AA | AA | AA | |
Aa3 | AA- | AA- | AA (low) | AA- | |
Upper Medium Grade | A1 | A+ | A+ | A (high) | A+ |
A2 | A | A | A | A | |
A3 | A- | A- | A (low) | A- | |
Lower Medium Grade | Baa1 | BBB+ | BBB+ | BBB (high) | BBB+ |
Baa2 | BBB | BBB | BBB | BBB | |
Baa3 | BBB- | BBB- | BBB (low) | BBB- | |
Non-investment Grade Speculative | Ba1 | BB+ | BB+ | BB (high) | BB+ |
Ba2 | BB | BB | BB | BB | |
Ba3 | BB- | BB- | BB (low) | BB- | |
Highly Speculative Grade | B1 | B+ | B+ | B (high) | B+ |
B2 | B | B | B | B | |
B3 | B- | B- | B (low) | B- | |
Substantial Risk Grade | Caa1 | CCC+ | CCC+ | CCC | |
Caa2 | CCC | CCC | CCC | CCC | |
Caa3 | CCC- | CCC- | CCC | ||
Extremely Speculative Grade | Ca | CC | CC | CCC | CC |
C | CCC | C | |||
In Default with Little Prospect for Recovery | CD | RD | RD | ||
In Default | SD | SD | |||
C | D | D | D | D | |
DD | DD | ||||
DDD | DDD | ||||
Not Rated | NR | NR | NR | NR | NR |
FAQ
What is Portugal’s current credit rating?
Portugal’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Portugal’s credit risk.
Has Portugal’s credit rating changed recently?
This page lists the latest rating and outlook actions for Portugal, showing when each agency last reviewed or changed its assessment.
Why does Portugal’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Portugal's bond yields, currency, and equity flows as investors reassess risk.
How does Portugal’s rating compare to other countries?
You can explore how Portugal ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.
What do outlooks like Positive, Stable, and Negative mean?
They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk
What is the difference between investment grade and speculative grade?
Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.
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