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Fitch maintains City of Porto at 'BB+' with Outlook stable

Fitch maintains City of Porto at 'BB+' with Outlook stable
09 Sep 2016
The rating agency Fitch praised the "healthy budget performance, moderate debt and prudent management" of Porto's City Council in its latest report. The agency maintained the city of Porto's rating in BB+ for long-term debt and in B for short-term debt, with stable Outlook, a decision that justified by Portugal's current situation.

In a statement, the credit rating agency highlights that the budget of Porto's City Council for the year of 2016 is based on a prudent operating income forecast, of great discipline in the management of expenditure, and with the purpose of further reducing bank debt. Fitch also recalled that the Municipality has been exceeding its budgets and that it expects Porto to reach, in 2016, operating margins of 20%.

The agency also revealled that it is expected that Porto's economy will continue to grow, driven by the performance of sectors such as Tourism, which is clearly growing in the city. About the current management, it foresees new impulses, based on solid projects for economic return, with scope on the rehabilitation of real estate and improvement of infrastructures.