(MENAFN) Portugal's economy witnessed a double boost last week, led by a debt rating raise by one notch by Moody's rating agency, following an upgrade of the country's credit outlook by fellow agency Standard & Poor's, The Peninsula Qatar reported.
"Portugal's fiscal situation has improved more rapidly than initially targeted and the public debt ratio will start declining this year," Moody's said, adding that a further upgrade was possible as the country begins to pull away from its financial crisis.
It is noted that Portugal has already managed to return to debt markets before the end of its aid program.
Moody's said it is currently reviewing the country's situation for another upgrade, adding that the government's creditworthiness "can improve" in the short term.
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