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Portugal likely to see rating upgrade from Fitch: president
Last Updated: 2017-06-18 00:00 | Xinhua
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Rating agency Fitch is expected to upgrade Portugal's credit rating after Fitch improved its outlook to "positive" on Friday, Portuguese President Marcelo Rebelo de Sousa said Saturday.

"We received yesterday a first good news from Fitch after four years and a half. But we cannot be dazzled," Rebelo de Sousa told reporters at the sidelines of a ceremony celebrating the river Tagus navy in Lisbon.

"People have to have their feet on their ground, continue to work, because we have to confirm the definitive decision by Fitch at the end of the year," he said.

"Portugal needs growth, more employment, reduction of the debt and control of the deficit, and this balance needs to continue."

Fitch's announcement of outlook improvement has been an important sign and "normally means, in a few months, a change in the rating", the president said.

Fitch revealed on Friday night it is maintaining Portugal's rating at BB+, but changed the outlook from stable to positive.

Portugal's Ministry of Finance on Friday welcomed Fitch's decision to change the country's outlook from stable to positive, saying it reflected an impressive turn-around.

"Portugal is an impressive turn-around story balanced on grounded and inclusive growth," Finance Minister Mario Centeno said in a statement.

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