Standard & Poor’s maintains Portugal’s rating
In the evaluation of 17 March, Standard & Poor’s (S&P) decided to maintain Portugal’s BB+ rating with a stable outlook, stressing an excess of indebtedness in the country and a high number of problematic assets in the banking system.
The credit rating agency considers that a “significant improvement in Portugal’s economic prospects” will be required, as well as an “acceleration in the reduction of external debt or a reduction in gross financing needs of the economy” in order to raise the rating attributed to the Portuguese public debt.
On the other hand, S&P warns of factors such as “declining economic growth, deteriorating fiscal position, and lack of structural reforms” that could result in a decrease in the rating assigned by the agency.
Lisbon to host the largest cruise congress in the world in 2018
The city and the port of Lisbon were elected to host the 12th Seatrade Cruise Med in September 2018. This event comes after last September the port of the Portuguese capital was considered “Europe’s Leading Cruise Destination” for the second time at the World Travel Awards.
The Seatrade Cruise Med is a two-and-a-half-day biennial event focusing on the Mediterranean and its surrounding seas, which is the second world cruise destination. According to the Administration of the Port of Lisbon, the congress “involves between four and five thousand participants, including shipowners and representatives of port authorities, and will be attended by exhibitors from all over the world, including several new cruise companies.”
Tourism: Urban Qualification Support Line with 12 banks
The Support Line Offer for Urban Qualification, which supported 83 projects in 2016, was reinforced by more than 75 million euros. The protocol between Turismo de Portugal and 12 banks creates a new financial instrument, a venture capital component, through Portugal Ventures, budgeted at 15 million euros.
A renewed line for the qualification of the offer now gains a broader scope and a new strategy for strategic action, in line with the current needs of companies and the sector. Global funding may reach 75% of the investment value, with a maximum repayment term of 15 years, including 4 years of grace period.
Millennium BCP, Novo Banco, Santander Totta, Banco BPI, Caixa Geral de Depósitos, Banco Popular, Montepio Geral, Caixa de Crédito Agrícola Mútuo, Abanca, Banco Português de Gestão, Banco BIC and Novo Banco Açores are the banking institutions affiliated to this Financing Line.
House Price Index increased 7.1% in 2016
In 2016, the House Price Index (HPI) increased 7.1% when compared with the previous year, 4 p.p. higher than the rate observed in 2015, with existing residences recording an average increase (8.7%) that is higher than the one registered by new residences (3.3%). In the fourth quarter of 2016, the HPI rose 7.6% when compared with the same quarter of 2015, the same as in the third quarter of 2016. In the full year 2016, there were 127 106 transactions of residences, moving a value above 14.8 thousand million euros, reflecting an increase in relation to 2015 of 18.5% and 18.7%, respectively.
Monday, 20 March 2017 9:38
Lisbon, Mar. 17 (Lusa) – Rating agency Standard & Poor's (S&P) kept Portugal’s rating at 'BB+', or 'junk', on Friday, with a stable outlook, showing its concerns with the risk of the banks and the high public and priva...
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