Credit Notice: S&P To Assess Credit Impact On Portuguese Banks Of Its Downgrade Of The Republic of Portugal Mar 11
- Language: English
- Published: March 2011
- Region: Portugal
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...
Action: On CreditWatch:Negative
Action: Removed From CreditWatch
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Product Type: Research Update
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- 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.
- Totta & Acores Financing Ltd.
- Banco BPI S.A.
- Banco Portugues de Investimento S.A.
- BES Finance Ltd.
- BCP Finance Bank Ltd.
- Espirito Santo PLC
- BCP Finance Co.
- Caixa Geral de Depositos Finance
- BPI Capital Finance Ltd.
- CGD North America Finance LLC
- Banco Espirito Santo de Investimento S.A.
- Caixa Geral Finance Ltd.
- Espirito Santo Investment PLC
- BST International Bank, Inc.
- Totta Ireland PLC
- Banco BPI Cayman Ltd.