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Moody's upgrades Portugal's debt a notch

AFP

A man passes by a BES (Espirito Santo Bank) branch in Lisbon on July 24, 2014A man passes by a BES (Espirito Santo Bank) branch in Lisbon on July 24, 2014

A man passes by a BES (Espirito Santo Bank) branch in Lisbon on July 24, 2014A man passes by a BES (Espirito Santo Bank) branch in Lisbon on July 24, 2014

Moody's on Friday raised the debt rating of Portugal one notch to Ba1 and said it had a stable outlook, despite troubles at a major banking group.

Moody's cited the Portuguese government's "comfortable liquidity position, with regained access to the public debt markets and sizeable cash buffers" as a factor in making the upgrade.

Date created : 2014-07-25