Portugal: No rating downgrade from DBRS - BBH

Research Team at BBH, notes that the DBRS did not downgrade Portugal's rating or cut the stable outlook. 

Key Quotes

“We had thought that at most, the only major rating agency to recognize Portugal as an investment grade credit could have changed the outlook to negative from stable.  Investors had been anticipating that the DBRS would do little, if anything in recent weeks, and were encouraged by comments from the Finance Minister.  The 10-year yield had fallen from 3.6% on October 7 to 3.14% last week. Below last week's lows, and the yield can move back to 3.00%, where it had seemed to find an equilibrium in August and early-September.”