Portugal’s Outlook Raised to Stable by S&P on EU Support

Portugal’s credit rating outlook was raised to stable from negative by Standard & Poor’s, which said European lenders will probably extend support to the government and make the nation’s fiscal tightening “more sustainable.”

S&P affirmed Portugal’s BB long-term sovereign credit rating in a statement released today. That’s the same level as Hungary and Macedonia and two steps below investment grade, according to data compiled by Bloomberg. In January 2012, S&P followed Fitch Ratings and Moody’s Investors Service in cutting Portugal’s credit rating to non-investment grade.