S&P gives B+ to Millennium BCP notes

S&P said it assigned its B+ issue rating to the senior nonpreferred notes, which may be issued by Portugal-based Millennium BCP under its recently updated €25 billion debt issuance program.

The rating takes into account S&P’s assessment of the bank's stand-alone credit profile at bb.

“The rating on BCP's proposed senior nonpreferred notes is two notches below the bank’s SACP, reflecting our deduction of two notches for subordination risk (our standard notching for speculative-grade issuers),” S&P said in a news release.

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