S&P lifts three Portuguese banks

S&P said it raised its long- and short-term counterparty credit ratings on Santander Totta SA (Totta), Banco BPI SA (BPI) and Banco Portugues de Investimento SA to BBB- and A-3 from BB+ and B, respectively.

The outlook on all three banks is stable.

The agency also raised the issue-level ratings on Totta's and BPI's senior unsecured debt one notch to BBB- and raised the rating on BPI's subordinated debt two notches to BB.

S&P said the upgrades follow the similar action on the Portuguese sovereign rating on Sept. 15, which allowed the agency to incorporate a higher degree of parental support than it had previously.

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