London, December 20, 2019, ARC Ratings, S.A. (ARC) has withdrawn its sovereign ratings of Portugal. At the time of the ratings withdrawal, Portugal’s sovereign ratings were “BBB” (positive outlook) for medium and long-term local and foreign currency obligations; and “A-2” for short-term local and foreign currency obligations. Portugal’s local and foreign currency country ceiling was “A+”. All sovereign ratings were unsolicited. The rating agency has withdrawn Portugal’s sovereign ratings for strategic reasons.

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