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Banco Comercial Portugues Outlook To Neg; 4 Other Portuguese Banks Affirmed, Outlooks Stable Oct 08
Standard & Poors, Oct 2008
Abstract
MILAN (Standard & Poor's) Oct. 14, 2008--Standard & Poor's Ratings Services said today that following a review of its ratings on Portuguese banks, it revised its outlook on Banco Comercial Portugues S.A. (BCP) to negative from stable, and affirmed the 'A' long-term and 'A-1' short-term counterparty credit ratings. At the same time, Standard & Poor's affirmed the ratings on Banco Espirito Santo S.A. (BES, A/Stable/A-1), Banco Espirito Santo de Investimento S.A. (A/Stable/A-1), Banco BPI S.A. (A/Stable/A-1), and Caixa Geral de Depositos S.A. (CGD, AA-/Stable/A-1+). The outlooks are stable. The outlook revision for BCP reflects pressures on its financial profile as the result of an increasingly difficult operating environment. BCP's profitability fell in 2007 and the first half of 2008, which...
Companies mentioned in this report are: Banco Espirito Santo S.A.
Action: Affirmed
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.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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