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S&P changes Banco BPI watch to developing
Standard & Poor's said it affirmed its BBB/A-2 long- and short-term counterparty credit ratings on Caixabank SA.
The outlook remains stable.
In a related action, the agency revised the CreditWatch status of the BB- long-term ratings on Banco BPI SA and its core subsidiary, Banco Portugues de Investimento SA, to developing from negative. The B short-term ratings on both BPI and Banco Portugues de Investimento were affirmed.
S&P said the actions follow Caixabank’s April 18 announcement of its new attempt to launch a tender offer to acquire the 55.9% stake in Portugal-based BPI that it still does not own. Caixabank expects to be able to register the offer in September and to close the transaction, if successful, in the third quarter.
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