LISBON, March 17 (Xinhua) -- Evidence of Portugal's progress will soon be reflected in the evaluation of rating agencies, the Portuguese ministry of finance said in a statement on Friday.
The statement came after Standard & Poor's decided on Friday to maintain the country's rating at BB+.
"Standard & Poor's (S&P) rationale recognizes that, in 2016, Portugal exceeded expectations of economic growth and employment, the government outperformed its fiscal adjustment target and contributed effectively to the stabilization of the financial sector," the statement said.
The statement adds that S&P pointed to an acceleration of economic growth, estimating 1.4 percent growth in 2016 and projecting 1.6 percent growth for 2017.
"The accumulation of evidence of progress of the performance of the economy proves that Portugal enjoys solid conditions to grow in a sustainable way," the statement adds.
Portugal signed a 78-billion-euro bailout program with international lenders in 2011 when it was on the verge of bankruptcy. The only main agency that didn't cut Portugal's bonds from investment grade after the bailout was Toronto-based DBRS.
The European Commission said in a country report last month that while Portugal's economy has improved in the past four years, the country's fiscal outlook still faces risks.
