S&P Global Ratings has upgraded the long-term credit rating of NOS by one notch, from BBB- to BBB, with a stable outlook, the telecommunications and technology group announced on Wednesday, April 15. The company, led by Miguel Almeida, stated in a filing with the CMVM that the upgrade reflects the agency's recognition of NOS's robust performance and strategic market position. S&P highlighted the company's strong operational execution, market resilience, and advanced infrastructure as key factors. The upgrade also considers the expected reduction in 5G and fibre investment, which supports strong free operating cash flow, alongside the group's prudent financial policy. Additionally, Fitch has maintained Portugal's credit rating while upgrading its outlook to 'positive'.