In spite of recent favourable developments in sovereign debt markets and the strengthened institutional framework at the European level, in several euro area countries - including Portugal - the high government debt ratios remain a source of concern. This article presents an analytical assessment of the sustainability of the Portuguese public debt, partly based on a framework for debt sustainability analysis (DSA) developed by the Eurosystem in 2015. The analysis shows that risks to sustainability have diminished in the recent past, although remaining elevated. In addition, it suggests that continued improvements in the risk assessment of Portuguese public debt are likely in a context of sound fiscal policies and a benign internal and external environment.