Rating: Portugal Credit Rating 2023

Rating Moody's Portugal

Long term Rating				Short term Rating
Foreign currency		Local currency		Foreign currency		Local currency
Date	Rating(Outlook)	Date	Rating	Date	Rating	Date	Rating
2023-11-17	A3 (Stable)
2023-05-19	Baa2 (Positive)
2021-09-17	Baa2 (Stable)
2019-08-09	Baa3 (Positive)
2018-10-12	Baa3 (Stable)
2017-09-01	Ba1 (Positive)	2023-11-17	A3
2014-07-25	Ba1 (Stable)	2023-05-19	Baa2
2014-05-09	Ba2 (Under Review)	2021-09-17	Baa2
2013-11-08	(Stable)	2019-08-09	Baa3
2013-07-26	NP	2018-10-12	Baa3
2013-03-27	Ba3 (Negative)	2017-09-01	Ba1
2012-02-13	Ba3	2014-07-25	Ba1
2011-07-05	Ba2 (Negative)	2014-05-09	Ba2
2011-04-05	Baa1 (Under Review)	2013-03-27	Ba3			2023-11-17	(P)P-2
2011-03-15	A3 (Negative)	2012-02-13	Ba3			2023-05-19	(P)P-2
2010-12-21	(Under Review)	2011-07-05	Ba2			2021-09-17	(P)P-2
2010-07-13	A1 (Stable)	2011-04-05	Baa1			2019-08-09	(P)P-3
2010-05-05	(Under Review)	2011-03-15	A3			2018-10-12	(P)P-3
2009-10-29	(Negative)	2010-07-13	A1			2017-09-01	(P)NP
2003-11-15	(Stable)	1998-05-04	Aa2			2013-03-27	(P)NP
1998-05-04	Aa2	1997-02-10	Aa2			2011-07-05	(P)NP
1997-02-10	Aa3	1994-11-28	A1			2011-03-15	(P)P-2
1986-11-18	A1	1994-02-15	A1			2010-08-27	(P)P-1

Moody's: Long term Rating

Rating S&P Portugal

Long term Rating				Short term Rating
Foreign currency		Local currency		Foreign currency		Local currency
Date	Rating(Outlook)	Date	Rating	Date	Rating	Date	Rating
2023-09-08	BBB+ (Positive)
2022-09-09	BBB+ (Stable)
2020-04-24	(Stable)
2019-09-13	(Positive)
2019-03-15	BBB (Stable)
2018-09-14	(Positive)
2017-09-15	BBB- (Stable)
2015-09-18	BB+ (Stable)
2015-03-20	(Positive)
2014-05-09	(Stable)	2023-09-08	BBB+
2014-01-17	(Negative)	2022-09-09	BBB+
2013-09-18	(Negative)	2019-03-15	BBB
2013-03-06	(Stable)	2017-09-15	BBB-	2019-03-15	A-2	2019-03-15	A-2
2012-01-13	BB (Negative)	2015-09-18	BB+	2017-09-15	A-3	2017-09-15	A-3
2011-12-05	(Negative)	2012-01-13	BB	2012-01-13	B	2012-01-13	B
2011-03-29	BBB- (Negative)	2011-03-29	BBB-	2011-03-29	A-3	2011-03-29	A-3

S&P: Long term Rating

Rating Fitch Portugal

Long term Rating				Short term Rating
Foreign currency		Local currency		Foreign currency		Local currency
Date	Rating(Outlook)	Date	Rating	Date	Rating	Date	Rating
2022-10-28	BBB+ (Stable)
2020-05-22	BBB	2022-10-28	BBB+
2020-04-17	BBB	2020-05-22	BBB	2022-10-28	F1
2019-11-22	BBB	2020-04-17	BBB	2020-05-22	F2
2019-05-24	BBB	2019-11-22	BBB	2020-04-17	F2
2018-11-30	BBB	2019-05-24	BBB	2019-11-22	F2
2018-06-01	BBB (Stable)	2018-11-30	BBB	2019-05-24	F2
2017-12-15	BBB (Stable)	2018-06-01	BBB	2018-11-30	F2
2017-06-16	BB+ (Positive)	2017-12-15	BBB	2018-06-01	F2
2017-02-03	BB+ (Stable)	2017-06-16	BB+	2017-12-15	F2
2016-08-19	BB+ (Stable)	2017-02-03	BB+	2017-06-16	B
2016-07-22	BB+ (Stable)	2016-08-19	BB+	2017-02-03	B
2016-03-04	BB+ (Stable)	2016-07-22	BB+	2016-08-19	B
2015-09-25	BB+	2016-03-04	BB+	2016-07-22	B
2015-03-27	BB+	2015-09-25	BB+	2016-03-04	B
2014-10-10	BB+	2015-03-27	BB+	2015-09-25	B
2014-07-08	BB+	2014-10-10	BB+	2015-03-27	B
2014-04-11	BB+	2014-07-08	BB+	2014-10-10	B
2013-10-23	BB+ (Negative)	2014-04-11	BB+	2014-07-08	B
2013-08-09	BB+ (Negative)	2013-10-23	BB+	2014-04-11	B
2012-11-12	BB+ (Negative)	2013-08-09	BB+	2013-10-23	B
2012-05-11	BB+ (Negative)	2012-11-12	BB+	2013-08-09	B
2012-02-21	BB+ (Negative)	2012-05-11	BB+	2012-11-12	B
2011-12-06	BB+ (Negative)	2012-02-21	BB+	2012-05-11	B
2011-11-24	BB+ (Negative)	2011-12-06	BB+	2012-02-21	B
2011-10-07	BBB- (Negative)	2011-11-24	BB+	2011-12-06	B
2011-04-01	BBB- (Negative)	2011-10-07	BBB-	2011-11-24	B
2011-03-24	A- (Negative)	2011-04-01	BBB-	2011-10-07	F3
2010-12-23	A+ (Negative)	2011-03-24	A-	2011-04-01	F3
2010-03-24	AA- (Negative)	2010-12-23	A+	2011-03-24	F2
2009-09-03	AA (Negative)	2010-03-24	AA-	2010-12-23	F1
2007-05-01	AA (Stable)	2009-09-03	AA	2010-03-24	F1+
2005-06-29	AA (Negative)	2007-05-01	AA	2009-09-03	F1+	2022-10-28	F1
2000-09-21	AA (Stable)	2005-06-29	AA	2007-05-01	F1+	2020-05-22	F2
1998-07-14	AA	2000-09-21	AA	2005-06-29	F1+	2020-04-17	F2
1998-06-04	AA	1998-07-14	AA	2000-09-21	F1+	2019-11-22	F2
1995-10-26	AA-	1998-06-04	AAA	1998-07-14	F1+	2019-05-24	F2
1994-08-10	AA-	1995-10-26	AAA	1998-06-04	F1+	2018-11-30	F2
0000-00-00	A- (Stable)	0000-00-00	A-	1995-10-26	F1+	2018-06-01	F2

Fitch: Long term Rating

Grade	Moody's	S&P	Fitch
Prime	Aaa	AAA	AAA
High grade	Aa1	AA+	AA+
	Aa2	AA	AA
	Aa3	AA-	AA-
Upper medium grade	A1	A+	A+
	A2	A	A
	A3	A-	A-
Lower medium grade	Baa1	BBB+	BBB+
	Baa2	BBB	BBB
	Baa3	BBB-	BBB-
Non-investment grade speculative	Ba1	BB+	BB+
	Ba2	BB	BB
	Ba3	BB-	BB-
Highly speculative	B1	B+	B+
	B2	B	B
	B3	B-	B-
Substantial risks	Caa1	CCC+	CCC+
	Caa2	CCC	CCC
	Caa3	CCC-	CCC-
Extremely speculative	Ca	CC	CC
Extremely speculative			C
In default with little prospect for recovery		SD	RD
In default	C	D	D
			DD
			DDD
Not rated	WR	NR

Grade	Moodys	S&P	Fitch
High grade	P-1	A-1+	F1+
Upper medium grade	P-1	A-1	F1
Lower medium grade	P-2	A-2	F2
Non-investment grade speculative	P-3	A-3	F3
Highly speculative		B	B
Extremely speculative	NP	C	C