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Fitch changes Portuguese banks
Fitch Ratings took rating actions on several Portuguese banks following its downgrade of Portugal's sovereign rating to BB+ from BBB- with a negative outlook.
The agency downgraded Caixa Geral de Deposios' long-term issuer default rating and long-term senior debt to BB+ from BBB-, short-term issuer default rating and short-term senior debt to B from F3, lower tier 2 subordinated debt to BB from BB+ and preference shares to CCC from B+. It was removed from Rating Watch negative, and its outlook is negative.
Fitch downgraded Banco Comercial Portugues' long-term issuer default rating and long-term senior debt to BB+ from BBB-, short-term issuer default rating and short-term senior debt to B from F3, lower tier 2 subordinated debt to BB from BB+ and preference shares to CC from B. It was removed from Rating Watch negative, and its outlook is negative.
The agency downgraded Banco BPI's long-term issuer default rating and long-term senior debt to BB+ from BBB-, short-term issuer default rating and short-term senior debt to B from F3, lower tier 2 subordinated debt to BB from BB+ and preference shares to CC from B+. It was removed from Rating Watch negative, and its outlook is negative.
Fitch affirmed Banco Internacional do Funchal's long-term issuer default rating and long-term senior debt at BB, short-term issuer default rating and short-term senior debt at B and lower tier 2 subordinated debt issues at BB-. Its B- preference shares were placed on Rating Watch negative, and the outlook was changed to negative from stable for the other ratings.
The agency affirmed Montepio Geral's long-term issuer default rating and long-term senior debt at BB, short-term issuer default rating and short-term senior debt at B and subordinated debt at BB-. The outlook is negative.
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