January 17, 2014 / 6:12 AM / in 4 years

S&P revises Portugal's credit outlook to negative from creditwatch negative

SYDNEY, Jan 17 (Reuters) - Ratings agency Standard & Poor’s has revised its sovereign credit outlook on Portugal to negative from creditwatch negative and affirmed its current rating of ‘BB’.

S&P said the move reflects its expectation that Portugal should achieve its fiscal targets of 5.5 percent GDP in 2013 and approach its 4.0 percent target in 2014.

“We base this expectation partly on indications that the economy has been showing signs of stabilization since mid-2013,” S&P said in a statement.

“Stronger-than-expected export performance, and an expected bottoming out of private consumption, amid a modest decline in unemployment should support Portugal’s fiscal performance in 2014.”

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