Moody’s acts on Portuguese banks

Moody's Investors Service said it took rating actions on seven Portuguese banking groups. The rating actions follow the rating agency's decision to upgrade Portugal's government bond rating to A3 from Baa2.

“Today's actions on Portuguese banks considered continued progress in several banks' performance and financial fundamentals, in particular improved asset risk metrics, higher capital levels and strong profitability driven by higher interest rates,” the agency said in a statement.

Moody’s raised Caixa Geral De Depositos, SA’s senior unsecured debt ratings to Baa1 from Baa2, Banco Comercial Portugues, SA’s senior unsecured debt ratings to Baa2 from Baa3, Novo Banco SA’s senior unsecured debt ratings to Ba1 from Ba3 and Caixa Economica Montepio Geral’s senior unsecured debt ratings to Ba2 from B1.

Concurrently, the agency affirmed the (P)Baa1 senior unsecured program ratings of Banco Santander Totta SA and Banco Bpi SA and the Ba1 debt senior unsecured ratings of Caixa Central De Credito Agricola Mutuo, CRL.

The outlook on Banco Novo remains positive and the stable outlooks on the other groups are also unchanged.

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