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Research Update: S&PCORRECT: Portuguese Bank Millennium bcp Ratings Lowered To 'B+/B' After Sovereign Downgrade; Outlook Negative Feb 12 Product Image

Research Update: S&PCORRECT: Portuguese Bank Millennium bcp Ratings Lowered To 'B+/B' After Sovereign Downgrade; Outlook Negative Feb 12

  • ID: 2091811
  • February 2012
  • Region: Portugal
  • Standard & Poors

Abstract
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: Downgraded
Action: Outlook: Negative

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Banco Comercial Portugues S.A.,BCP Finance Bank Ltd.,BCP Finance Co.,Controlinveste International Finance

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