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Portugal Gains Fitch Investment Grade Rating as Debt Ratio Falls

Portugal’s credit ranking was raised two levels by Fitch Ratings, which restored the nation’s investment grade status amid improving debt dynamics.

The rating was revised to BBB, two levels above speculative grade, from BB+, with a stable outlook, Fitch said in a statement Friday. Fitch cut Portugal’s credit rating to junk in late 2011, when the country was going through a bailout program provided by the European Union and the International Monetary Fund. S&P Global Ratings ranks the country one notch lower at BBB-, while Moody’s rates it two grades lower at Ba1.