Portugal

DBRS maintains rating and perspective of Portuguese public debt

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Briefings

Morningstar DBRS confirmed Portugal's public debt rating remains 'A (elevado)' with a positive outlook, citing strong economic growth and fiscal balance despite external challenges. The agency highlighted risks from Middle East conflicts, housing shortages, and potential early elections, while noting the country's budget position is among the strongest in the Eurozone.

Key points

• DBRS confirmed Portugal's public debt rating as 'A (elevado)' with a positive outlook on November 13, 2026, based on the 2027 budget proposal.
• The agency expects the debt-to-GDP ratio to continue declining despite external headwinds, supported by superior economic growth and labor market performance.

Context

DBRS is Morningstar's credit rating agency. The 2027 budget proposal is described as balanced with few new measures, though the agency warns that prolonged Middle East conflict could weaken revenue and require additional support. Portugal's budget position is noted as among the strongest in the Eurozone, driven by strong revenue growth and low public spending despite rising social transfers.

Limitations

Evidence is limited to DBRS's November 13, 2026 assessment of the 2027 budget proposal. The agency does not provide specific debt figures, GDP growth rates, or housing availability data. Forecasts for 2027 are based on the government's budget plan, and the agency notes risks from political instability and external conflicts.

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