Research Update: Portugal-Based Millenium bcp Downgraded To 'BB/B' On Bank Criteria Change; Long-Term Rating Still On Watch Negative Dec 11
- Language: English
- Published: December 2011
On Jan. 13, 2012, Standard & Poor's lowered its long- and short-term sovereign credit ratings on the Republic of Portugal to 'BB/B' from 'BBB-/A-3', assigned a negative outlook, and removed the ratings from CreditWatch negative. We have revised our Banking Industry Credit Risk Assessment on Portugal to group '7' from group '5', our economic risk score to '7' from '6', and our industry risk score to '6' from '5'. We are lowering our long-term rating on Portugal-based Banco Comercial Portugues S.A. (Millennium bcp) to 'B+' from 'BB' and removing it from CreditWatch negative. We are affirming the 'B' short-term rating. The negative outlook reflects our view of the difficult economic and operating environment in Portugal, which could further increase the...
Companies mentioned in this report are: Banco Comercial Portugues S.A.,BCP Finance Bank Ltd.,BCP Finance Co.,Controlinveste International Finance
Action: Outlook: Negative
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.
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Banco Comercial Portugues S.A.,BCP Finance Bank Ltd.,BCP Finance Co.,Controlinveste International Finance