Exhibit 21 shows several key sovereign statistics for Portugal.Based on those calculations, as well as other data from Exhibit 21, what can you say about Portugal’s credit trend?

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EXHIBIT 21 Key Sovereign Statistics for Portugal € (billions), except where noted Nominal GDP Population (millions) Unemployment (%) Exports as share GDP (%) Current account as share GDP (%) Government revenues Government expenditures Budget balance (surplus/deficit) Government interest payments Primary balance (surplus/deficit) Government debt Interest rate on new debt (%) 2006 2008 2010 2012 2014 2015 2016 2017 160.3 171.2 172.6 168.4 173.1 179.8 186.5 194.6 10.6 10.6 10.6 10.5 10.4 10.3 10.3 10.3 8.6 8.5 12 15.6 13.9 12.4 11.1 8.9 22.2 22.6 21.3 26.8 27.8 27.6 26.8 -10.7 -12.6 -10 -2.1 0.2 0.3 0.7 28.3 0.6 64.8 70.7 71.8 72.2 77.2 71.4 77.1 88.7 81.7 89.6 -6.5 -6.4 -16.9 -9.5 -12.4 4.2 5.3 5.2 8.2 8.5 -2.2 -1.1 -11.7 -1.3 -3.9 0.3 102.4 123.1 161.3 212.6 226 231.5 4.5 5.4 3.4 3.8 2.4 3.9 79.9 83.1 78.8 86.7 83.5 88.9 -7.9 -3.6 -5.8 8.2 7.8 7.4 4.2 1.6 241 242.8 3.2 3.1