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26.09.2016 - Studies

Portugal on the brink

by Thomas Mayer, Agnieszka Gehringer

The Canadian rating agency DBRS is the only rating agency accepted by the ECB that has not yet classified Portuguese government bonds as "scrap".

If DBRS were to downgrade Portugal's rating to "junk", the country would probably need a new assistance programme and Portuguese banks would no longer be able to use their government bonds to refinance themselves regularly with the ECB. A new rating for Portugal by DBRS is now due on 21 October.

Please note: This study is available in German only.

Download study as PDF (Reading time 14 min)

 

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