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Canadian financial rating agency DBRS changed its rating for Portugal from ‘stable’ to ‘positive’.
The move marks the third ratings outlook improvement for Portugal in less than six months.
It follows similar decisions by Fitch and Standard & Poor (S&P), reinforcing growing international confidence in the country’s economic trajectory and investment environment.
Despite ongoing geopolitical uncertainty and wider economic pressures across Europe, Portugal has continued to strengthen its public finances while maintaining steady economic growth.
DBRS highlighted the country’s continued progress in reducing public debt, noting that Portugal’s debt-to-GDP ratio fell below 90% for the first time since 2009 last year - a milestone widely viewed as a significant achievement for the Portuguese economy.
It also pointed to the country’s prudent fiscal management and favourable economic growth dynamics as key reasons behind the improved outlook.
Portugal ended 2025 with a budget surplus of 0.7%, outperforming expectations, while the economy expanded by close to 2%.
At the end of 2025 it had been named ‘Economy of the Year’ by The Economist magazine.
Finance minister Joaquim Miranda Sarmento said it recognised the combined efforts of families, businesses and government to build “a more resilient and less indebted economy”.
The republic’s sovereign rating remains at “A (high)”, with all major international ratings agencies now placing Portugal firmly within the A category - among the strongest positions in recent decades.
The latest upgrades are expected to further enhance Portugal’s appeal among international investors, particularly at a time when global investors continue to seek politically stable, economically resilient destinations offering long-term growth potential.
Portugal’s combination of improving fiscal indicators, strong tourism performance, growing international business activity and continued foreign direct investment has helped position the country as one of Europe’s most attractive investment destinations.
The positive outlook revisions are also likely to support lower borrowing costs, strengthen market confidence and reinforce Portugal’s reputation as a safe and strategic location for international capital.
Paul Stannard, chairman and founder of Portugal Pathways and the Portugal Investment Owners Club, said: “This latest economic rating upgrade comes amid high levels of interest in Portugal from international investors across sectors including real estate, technology, renewable energy, tourism, and, of course, the Golden Visa residency-by-investment programme.
“We’re seeing more high-net-worth individuals and investors looking to Portugal as an opportunity to diversify their portfolios and secure a real ‘plan B’ amid global uncertainty.”
About Portugal Pathways
Portugal Pathways has supported hundreds of Golden Visa residency-by-investment applications and provides expert guidance through its professional supply chain network on estate planning, wealth management, Golden Visa and tax optimisation, including post-NHR / IFICI tax regime planning, as well as private healthcare, money transfers and bespoke relocation and luxury real estate solutions to enhance life and investment in Portugal
Disclaimer: The information on the Portugal Pathways and Portugal Investment Owners Club (P Club for short) websites and in email communications is for general informational purposes only and should not be construed as legal, tax, or financial advice. You should consult and check with a qualified professional advisor before relying on any information provided on this website or in email communications. As it relates to investments in Golden Visas or other wealth management solutions offered by regulated and professional advisors, it is important to note that past performance is no guarantee of future returns. Private equities can be highly illiquid and come with risk and should always be under professional independent advice. Golden Visa investments need to be held for 6 to 7 years to allow for permanent citizenship/passport in the EU.
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