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

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

FEATURED COMPANIES

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

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. READ MORE >

- 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.

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