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DBRS

Aerial view of central Lisbon's terracotta-tiled rooftops with the Tagus River and a ship in the background.

DBRS Morningstar Rules Out a Credit-Driven Housing Bubble in Portugal — But Names the €2.3 Billion Garantia Jovem as the Risk Vector to Watch as Banco de Portugal Drafts a Macroprudential Brake

DBRS Morningstar's Wednesday note finds Portuguese banks haven't loosened mortgage underwriting — but flags the public guarantee letting under-35s borrow 100% as the asset-quality risk vector, and Banco de Portugal is drafting a macroprudential brake.