DBRS ups Banco BPI bonds to AA

DBRS said it upgraded its ratings on the obrigacoes cobertas, Portuguese legislative covered bonds, issued under the Banco BPI SA covered bond program to AA from AA (low).

The agency also assigned an AA rating to the bank’s €500 million of series 25 due 2028 notes sold under the program. The coupon is 3.625%.

“The upgrade is driven by the conversion of the program to the updated covered bonds (CB) law (the legal regime of covered bonds). The law transposes the European Union CB Directive 2019/2162, which outlines the harmonization of CB frameworks across Europe, into Portuguese law,” DBRS said in a press release.

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