Summary: Banco Comercial Portugues, S.A. Jun 11

Standard & Poors, June 2011

Abstract
The ratings on Portugal-based Banco Comercial Portugu-s, S.A. (Millennium bcp) benefit from a one-notch uplift above Standard & Poor's Ratings Services' assessment of the bank's stand-alone credit (SACP) to reflect the extraordinary government support Standard & Poor's believes the bank would receive if necessary as a highly systemically important Portuguese bank. Our assessment of Millennium bcp's 'bb+' SACP is supported by the bank's solid business position, profitable operations in Poland, Mozambique, and Angola and what we view as Portuguese authorities' supportive stance toward the country's financial system. These factors are counterbalanced by the tough economic, financial, and operating environment in Portugal that will likely weaken asset quality and profitability. Other constraints are the bank's meaningful exposure to Greece, high reliance...

Companies mentioned in this report are: Banco Comercial Portugues, S.A.
Action: Review

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Banco Comercial Portugues, S.A.

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