Credit Rating Report

Azores, Autonomous Region of the: Rating Report

Sub-Sovereign Governments

Summary

DBRS Ratings GmbH (Morningstar DBRS) upgraded the Autonomous Region of the Azores' Long-Term Issuer Rating to "BBB" from BBB (low) and upgraded the Short-Term Issuer Rating to R-2 (middle) from R-2 (low). The trends on all ratings changed to Stable from Positive.

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