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Various Portuguese Bank Ratings Placed On CreditWatch Negative After Sovereign Downgrade, Others Remain On Watch Jan 12 Product Image

Various Portuguese Bank Ratings Placed On CreditWatch Negative After Sovereign Downgrade, Others Remain On Watch Jan 12

  • Published: January 2012
  • Standard & Poors

FEATURED COMPANIES

  • Banco BPI S.A.
  • Banco Espirito Santo S.A.
  • MORE

Abstract
Standard & Poor's lowered its sovereign credit ratings on the Republic of Portugal to 'BB/B' from 'BBB-/A-3' on Jan. 13, 2012. As a result, we are placing on CreditWatch with negative implications our long-term ratings on Banco Espirito Santo S.A. and its "core" subsidiary Banco Espirito Santo de Investimento S.A. (BESI), and our issue ratings on their nondeferrable subordinated debt and hybrid instruments. We are also placing our issue ratings on the nondeferrable subordinated debt and hybrid instruments issued by Banco Comercial Portugues S.A. (Millennium bcp), Banco BPI S.A. (BPI), and Caixa Geral de Depósitos S.A. (CGD) on CreditWatch negative. The long-term ratings on Millennium bcp, CGD, and BPI and its "core" subsidiary Banco Portugues de Investimento S.A. remain on...

Companies mentioned in this report are:
- Banco Comercial Portugues S.A.
- Banco Espirito Santo S.A.
- Caixa Geral de Depositos S.A.
- Banco BPI S.A.
- Banco Portugues de Investimento S.A.
- Banco Espirito Santo de Investimento S.A.
- Banco Santander Totta S.A.

Action: CreditWatch Update
Action: On CreditWatch:Negative

Standard and Poors RatingsXpress READ MORE >

- Banco Comercial Portugues S.A.
- Banco Espirito Santo S.A.
- Caixa Geral de Depositos S.A.
- Banco BPI S.A.
- Banco Portugues de Investimento S.A.
- Banco Espirito Santo de Investimento S.A.
- Banco Santander Totta S.A.

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