Research Update: Portuguese Bank Caixa Geral de Depositos 'BB+/B' Ratings Lowered On Bank Criteria Change; L-T Ratings Still On Watch Neg Dec 11
Standard & Poors, December 2011
Abstract
Following a review under Standard & Poor's revised bank criteria (published Nov. 9, 2011), we have lowered the long- and short-term ratings on Portuguese bank Caixa Geral de Depositos S.A. (CGD) to 'BB+/B' from 'BBB-/A-3'. The long-term rating remains on CreditWatch with negative implications, where it was placed on Dec. 7, 2011. We have lowered the ratings on CGD's nondeferrable subordinated debt issues to 'B' from 'BB+', and the ratings on its junior subordinated debt and hybrid instruments to 'B-' from 'BB-'. These debt ratings were removed from CreditWatch negative, where we had placed them on Dec. 7, 2011 Our ratings on CGD reflect its 'bbb-' anchor for banks operating mainly in Portugal, and our view of CGD's adequate business...
Companies mentioned in this report are:
- Caixa Geral de Depositos S.A.
- Caixa Geral de Depositos Finance
- CGD North America Finance LLC
- Caixa Geral Finance Ltd.
Action: Affirmed
Action: CreditWatch Update
Action: Downgraded
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
- Caixa Geral de Depositos S.A.
- Caixa Geral de Depositos Finance
- CGD North America Finance LLC
- Caixa Geral Finance Ltd.
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