SaeR - Sociedade de Avaliação de Empresas e Risco

ARC Affirms BBB- Rating of Portugal

ARC Ratings, S.A. (ARC), has affirmed Portugal"s "BBB-" long-term foreign and local currency issuer ratings of the Republic of Portugal (Portugal). The outlook on both ratings is stable. In addition, the agency affirmed Portugal"s foreign currency and local currency country ceilings of "A" and short-term sovereign ratings of "A-3". All ratings assigned are unsolicited.
ARC"s affirmations are part of the agency"s on-going review of its sovereign ratings. The next scheduled review of the rating is 9 September 2016. The conclusions and discussion of the panel are highlighted in this press release.
Portugal"s credit ratings were accorded based on ARC"s sovereign methodologies as available on our website (www.arcratings.com). The methodologies utilized are "ARC"s Sovereign Rating Methodology" dated June 19, 2015 and "Criteria for Assessing Country Ceilings" dated May 18, 2015. ARC"s full credit analysis on Portugal is also available on the agency"s website.