"Portugal, meanwhile, could benefit from from Ireland’s example with Commerzbank optimistic that both countries could see an easing of the terms of loans they received as part of their international bailout programs, possibly as soon as early March. Both Ireland and Portugal have also taken crucial steps towards more regular bond auctions, with recent sales to private investors attracting robust demand. (...) The upgrades, if they materialize, could have implications for prices of both Irish and Portuguese bonds at a time many larger euro zone peers remain susceptible to further cuts in their debt ratings."
Tommy Stubbington, "Could Ireland and Portugal Break The Cycle of Sovereign Downgrades?" (The Wall Street Journal, 15.2.2013).