LISBON, Sept. 13 (Xinhua) -- Fitch Ratings on Friday upgraded Portugal's sovereign credit rating to 'A' from 'A-', revising the outlook from positive to stable. The agency cited Portugal's continued fiscal discipline and substantial debt reduction as key drivers of the decision.

The move reflects the government's consistent efforts to cut public debt and maintain budget surpluses, policies that have boosted investor confidence and strengthened Portugal's international standing.

The decision follows Standard & Poor's unexpected upgrade in late August, when it raised Portugal from 'A' to 'A+' with a stable outlook.

According to Fitch, Portugal has recorded one of the most significant debt reductions among the countries it monitors, while preserving prudent fiscal policies and sustaining solid economic growth.

The Finance Ministry welcomed the announcement, calling it "another achievement for Portugal and recognition of the joint efforts of government, families, and businesses to promote growth, balance public accounts, and steadily reduce public debt."

Fitch's decision highlights Portugal's transformation since the 2010-2014 debt crisis, when the country required a bailout from the EU and IMF. A decade of fiscal consolidation has restored confidence, improved market access, and lowered borrowing costs.

Looking ahead, the stable outlook suggests Fitch expects Portugal to maintain its current fiscal trajectory, underpinned by improved economic fundamentals, enhanced fiscal management, and growth that has recently outpaced many of its EU peers. ■