London, November 24, 2017, ARC Ratings, S.A. (ARC) has affirmed Portugal’s “BBB-“ long-term foreign and local currency issuer ratings of the Republic of Portugal (Portugal). The outlook on both ratings is stable. In addition, the agency affirmed Portugal’s foreign currency and local currency country ceilings of “A” and short-term sovereign ratings of “A-3”. All ratings assigned are unsolicited.