LISBON, April 21 (Xinhua) -- International ratings agency DBRS maintained Portugal's rating at investment grade on Friday.
"DBRS recognizes the progress that Portugal has made to overcome the main challenges still facing the country," Portugal's ministry of finance said in an official statement sent to media.
According to the statement, the decision "reflects legacy issues from the crisis, in particular in what concerns accumulated debt and non-performing assets, both of which are being addressed by the government."
The decision is also due to Portugal having exceeded market expectations about economic growth, fiscal consolidation and stabilization of the financial sector, the statement added.
The decision means Portugal will continue to be able to access the European Central Bank's bond-buying program.
Toronto-based DBRS is the only major rating agency that didn't cut the country's bonds from investment grade after the country was forced to sign a 78 billion euro bailout program in 2011 when it was on the verge of bankruptcy.
Fitch, Moody's and S&P have all kept Portugal under investment grade.
The Socialist government led by Prime Minister Antonio Costa, which took office with an anti-austerity stance that shocked other eurozone countries, has managed to cut its deficit to 2.4 percent of gross domestic product last year, the lowest rate seen in four decades.
However the country's debt level is still above 130 percent. DBRS noted that Portugal faced several challenges including high debt levels, modest longer-term growth prospects, fiscal pressures and highly indebted non-financial corporations.
