Fitch affirms Espirito Santo Financial

Fitch Ratings said it affirmed Espirito Santo Financial Group's long-term issuer default rating at A- with a stable outlook, and affirmed its short-term issuer default rating at F2, support rating at 5 and support no floor.

The issuer has no individual rating because it has no business of its own and its profitability reflects the performance and contribution of its subsidiaries, principally Banco Espirito Santo (A+/F1), according to the agency.

Ratings reflect Espirito's status as a holding company as well as the ratings of its core subsidiaries, the agency said.

The stable outlook reflects the view that Banco Espirito will continue to perform reasonably well in the medium-term backed by its strong fundamentals and despite the difficult economic conditions in Portugal, according to the agency.

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