May 9 Moody's Investors Service raised its credit rating on Portugal's government bond on Friday to "Ba2" from "Ba3", citing the country's rapidly improving fiscal situation.
"Moody's expects the public debt ratio to decline this year for the first time in many years, albeit from a very high level of close to 130% of GDP," Moody's said in a statement. (r.reuters.com/kuw29v)
The rating agency has also placed the "Ba2" rating on the bond on review for possible further upgrade. (Reporting By Kanika Sikka in Bangalore; Editing by Joyjeet Das)