DBRS Assigns Short-Term Sovereign Ratings of R-2 (M) to Portugal, Under Review Negative

DBRS, Inc. (DBRS) has today assigned R-2 (middle) short-term issuer ratings to the local and foreign currency debt of the Republic of Portugal. Ratings are Under Review with Negative Implications. The R-2 (middle) ratings are consistent with DBRS’s long-term issuer ratings on the local and foreign currency debt of BBB (low) also with Under Review with Negative Implications, as per DBRS’s rating scales.

Notes:
The principal applicable methodology is Rating Sovereign Governments, which can be found on our website under Methodologies. The principal applicable rating policies are Commercial Paper and Short-Term Debt, and Short-Term and Long-Term Rating Relationships, which can be found on our website under Rating Scales.

The sources of information used for this rating include the Portuguese Treasury and Government Debt Agency, Ministry of Finance, Bank of Portugal, IMF, European Commission and Haver Analytics. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

Lead Analyst: Michael Heydt
Rating Committee Chair: Alan G. Reid
Initial Rating Date: 10 November 2010
Most Recent Rating Update: 22 August 2012

For additional information on this rating please refer to the linking document under Related Research.