Research And Markets Research And Markets
0 CHECKOUT

Research Update: Five Portuguese Banks And Related Subsidiaries Downgraded After Portugal Downgrade; Long-Term Ratings Still On Watch Neg Mar 11

  • ID: 1810703
  • March 2011
  • Region: Portugal
  • Standard & Poors
1 of 3

FEATURED COMPANIES

  • Banco BPI Cayman Ltd.
  • Banco BPI S.A.
  • Banco Espirito Santo S.A.
  • BCP Finance Bank Ltd.
  • BCP Finance Co.
  • BPI Capital Finance Ltd.
  • MORE

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.
- Banco Espirito Santo North America Capital Corp.
- Banco BPI S.A.
- Banco Portugues de Investimento S.A.
- BCP Finance Bank Ltd.
- BCP Finance Co.
- Caixa Geral de Depositos Finance
- BPI Capital Finance Ltd.
- Haitong Bank S.A.
- Caixa Geral Finance Ltd.
- Haitong Investment Ireland PLC
- BST International Bank, Inc.
- Totta Ireland PLC
- Banco BPI Cayman Ltd.

Action: Downgraded
Action: READ MORE >

Note: Product cover images may vary from those shown
2 of 3

- Banco Santander Totta S.A.
- Banco Espirito Santo S.A.
- Caixa Geral de Depositos S.A.
- Banco Comercial Portugues S.A.
- Banco Espirito Santo North America Capital Corp.
- Banco BPI S.A.
- Banco Portugues de Investimento S.A.
- BCP Finance Bank Ltd.
- BCP Finance Co.
- Caixa Geral de Depositos Finance
- BPI Capital Finance Ltd.
- Haitong Bank S.A.
- Caixa Geral Finance Ltd.
- Haitong Investment Ireland PLC
- BST International Bank, Inc.
- Totta Ireland PLC
- Banco BPI Cayman Ltd.

Note: Product cover images may vary from those shown
3 of 3
Note: Product cover images may vary from those shown

RELATED PRODUCTS from Db