Moody’s acts on Portuguese banks

Moody's Investors Service said it took action on several Portuguese banking groups, prompted by the agency's decision to change the outlook on Portugal's Baa2 government bond rating to positive from stable.

Consequently, Moody's changed Portugal's macro profile to strong- from moderate+ to reflect the improvement in Portuguese banks' operating environment driven by the country's economic strength, and the banks' healthier funding conditions.

Moody’s said the actions take into account a stronger macro profile as well as continued progress in several banks' performance and financial fundamentals.

Banco Santander Totta SA’s senior secured program ratings were lifted to provisional Baa1 from provisional Baa2.

Banco BPI SA’s senior unsecured program ratings were upgraded to provisional Baa1 from provisional Baa2 as well.

Caixa Central de Credito Agricola Mutuo, CRL senior unsecured debt ratings were upgraded to Ba1 from Ba2.

Caixa Economica Montepio Geral, CEB, SA’s senior unsecured program ratings were upgraded to provisional B1 from provisional B2.

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