Moody's rates Banco Comercial Portugues notes Caa1(hyb)

Moody's Investors Service said it assigned a Caa1(hyb) rating to the additional tier 1 non-viability contingent capital securities issued by Banco Comercial Portugues, SA.

The Caa1(hyb) rating assigned to the notes is based on the bank's standalone creditworthiness and is positioned three notches lower than the bank's B1 adjusted baseline credit assessment, the agency said.

Those notches reflect a high loss severity analysis, higher payment risk associated with the non-cumulative coupon skip mechanism and probability of bank-wide failure, Moody's said.

Any changes in the adjusted baseline credit assessment of the bank would likely result in changes to the Caa1(hyb) rating assigned to these securities, the agency added.

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