And, at the moment, Portugal is clearly gaining that trust.

According to a recent research note from JP Morgan, there is a probability of about 50% that Moody's will raise Portugal's rating as early as the next review on May 22. If this happens, it will be another step in a trajectory that has been repositioning the country among the most solid sovereign issuers in the Eurozone.

This point is particularly relevant because Moody's is, at the moment, the only one of the major agencies that has not yet followed the increases already made by other rating houses. Portugal is now rated A+ by S&P, A by Fitch and A high by DBRS, while Moody's maintains the rating at A3. An eventual upward revision would not be just symbolic. It would have a direct impact on the cost of debt, risk perception, and the attractiveness of the country to global institutional investors.

The most interesting thing is the context in which this evaluation arises.

Portugal is preparing to enter 2026 with an ambitious financing program but perfectly aligned with the confidence of the markets. The State plans to raise €13 billion in net financing needs, supported by regular issuances of Treasury Bonds, Treasury bills, and syndicated operations. All this in an environment where the spread of Portuguese 10-year debt against German debt is at historic lows of only 31 basis points.

Translating this into simple language: the markets see Portugal as a low-risk country, with controlled public accounts, consistent economic growth, and credible financial management.

This is not an isolated phenomenon. It is the reflection of several years of fiscal consolidation, sustained growth, economic diversification and strengthening external confidence. Portugal has gone from a country watched with caution to a country watched with strategic interest.

And this change has real consequences.

Lower financing costs mean more room for public investment, more stability for companies, more confidence for international investors and, above all, a much stronger position within the European economy.

We are talking about a silent but profound transformation in the way Portugal is perceived in the major global financial centres.

For decades, Portugal was seen as peripheral, vulnerable, and dependent. Today, it is seen as stable, predictable, and reliable. This is perhaps one of the greatest strategic assets that a country can build.

If Moody's rise is confirmed in May, it will not be a surprise. It will be just another logical step on a path that Portugal has been building with consistency, discipline, and long-term vision.

In an increasingly unstable world, few assets are as valuable as trust. And Portugal, at the moment, is clearly accumulating it.