Fitch lifts Banco Comerical Portugues

Fitch Ratings said it upgraded Banco Comercial Portugues, SA's long-term issuer default rating to BB from BB- and viability rating to BB from BB-.

The outlook is stable.

The upgrades reflect the bank's stronger fundamentals, driven by improving operating profitability and the meaningful progress in reducing problem assets, Fitch said.

The bank's improved asset quality has resulted in reduced capital encumbrance by unreserved problem assets and lower loan impairment charges, the agency said.

The ratings also consider bank's still weaker asset quality metrics compared to some domestic peers, Fitch said.

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