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Summary: Banco Comercial Portugues, S.A. Jun 11
Standard & Poors, June 2011
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.
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Banco Comercial Portugues, S.A.