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S&P: Banco BPI hybrids on CreditWatch negative
Standard & Poor's said it affirmed its B- issue ratings on Banco BPI SA's nondeferrable subordinated debt and removed them from CreditWatch with negative implications, where they had been since July 11, 2012.
At the same time, S&P placed its CCC- issue ratings on Banco BPI's hybrids on CreditWatch with negative implications.
S&P said it placed BPI's hybrid ratings on CreditWatch negative to reflect what it sees as a very strong likelihood that the European Commission will ban the dividend payments on the preferred stock in the coming months, although Banco BPI has continued to pay them up to now.
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