Five Portuguese Banks And Related Subsidiaries Downgraded After Portugal Downgrade; Long-Term Ratings Still On Watch Neg Mar 11
Standard & Poors, March 2011
Abstract
On March 23, 2011, the Portuguese parliament rejected the government's proposed austerity package. Prime Minister José Sócrates subsequently resigned, which, in our opinion, increases policy uncertainty and heightens Portugal's refinancing risk. We have lowered our long-term sovereign credit rating on Portugal by two notches to 'BBB' from 'A-'. The 'A-2' short-term sovereign credit rating is unchanged. All ratings remain on CreditWatch with negative implications, pending the official announcement about the European Stability Mechanism. We are lowering our long- and short-term counterparty credit ratings on the five Portuguese banks and two related subsidiaries that we rate. The long-term ratings remain on CreditWatch with negative implications. The negative CreditWatch implications reflect the possibility of a further sovereign downgrade, which we expect could...
Companies mentioned in this report are:
- Banco Santander Totta S.A.
- Banco Espirito Santo S.A.
- Caixa Geral de Depositos S.A.
- Banco Comercial Portugues S.A.
- Totta & Acores Financing Ltd.
- Banco BPI S.A.
- Banco Portugues de Investimento S.A.
- Banco Espirito Santo de Investimento S.A.
- BST International Bank, Inc.
- Totta Ireland PLC
Action: Downgraded
Action: On CreditWatch:Negative
Action: Removed From CreditWatch
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
- Banco Santander Totta S.A.
- Banco Espirito Santo S.A.
- Caixa Geral de Depositos S.A.
- Banco Comercial Portugues S.A.
- Totta & Acores Financing Ltd.
- Banco BPI S.A.
- Banco Portugues de Investimento S.A.
- Banco Espirito Santo de Investimento S.A.
- BST International Bank, Inc.
- Totta Ireland PLC
Customers who bought this item also bought
All rights reserved. © Copyright 2013 Research and Markets WWW4
Terms and Conditions Privacy Policy Publishers Employment Opportunities Site Map Link to us Webmaster Affiliate Network
