S&P affirms Banco BPI

S&P said it affirmed its long- and short-term issuer credit ratings on Banco BPI SA and its core subsidiary Banco Portugues de Investimento SA at BBB-/A-3.

The outlook is stable.

The agency said the affirmation follows CaixaBank's announcement that it increased its stake in Banco BPI to 93.462% from 84.52%, following the acquisition of the 8.425% stake from Allianz group and other shares on the regulated market.

CaixaBank also communicated it will request a shareholders' meeting in the coming weeks to approve Banco BPI's delisting, after which it intends to acquire the remaining shares in the Portuguese lender, taking full control of it.

“While we believe this transaction is enhancing Banco BPI's strategic importance within the CaixaBank group, it does not represent an improvement in its ratings because the bank is already rated at the level of Portugal itself,” S&P said in a news release.

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