S&P raises Portugal debt rating

Portugal's improved economic performance and falling budget deficit prompted a key credit rating agency to raise the grade on the country's debt on Friday. Standard and Poor's said it was raising the debt rating on the country's foreign debt one notch to BBB- on the receding risks. "The upgrade reflects our improved forecast for Portugal's GDP growth during 2017-2020, as well as the solid progress it has made in reducing its budget deficit," S&P said in a statement. The agency forecast the Portuguese economy will grow by more than two percent on average through 2020, up from the previous forecast of 1.5 percent.