Moody's is the only one of the big three rating agencies that still considers investment in Portugal as junk.

It said that its borrowings were “very high compared to other countries” around 127% of Gross Domestic Product (GDP) in 2017, so Portuguese bonds are more exposed to investor confidence than in most other European countries.

The agency did mention that Portugal had already repaid €831 million earlier than expected as this was the most expensive part of its bailout loan.

Following this early repayment, Portugal has reimbursed 83% of the total IMF loan.