trending Market Intelligence /marketintelligence/en/news-insights/trending/76dijuwudfhifexwjwphzw2 content esgSubNav
In This List

DBRS changes trend on Caixa Geral de Depósitos

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


DBRS changes trend on Caixa Geral de Depósitos

DBRS on June 4 confirmed Caixa Geral de Depósitos SA's long- and short-term issuer, debt and deposit ratings at BBB (low)/R-2 (middle) and changed the trend on the ratings to positive from negative.

The rating agency also confirmed the Portuguese bank's BBB (high)/R-1 (low) long- and short-term critical obligations ratings and changed the trend on the ratings to positive and stable, respectively, from negative. The group's intrinsic assessment is at BBB (low), while its support assessment remains at SA3.

The positive trend reflects DBRS' view that CGD should be able to further accelerate the reduction of nonperforming loans in the coming quarters to levels more in line with its European peers, supported by the improved economic conditions in Portugal and the bank's improving ability to generate capital through retained earnings. The trend also incorporates the rating agency's expectations that CGD will improve its domestic profitability to levels close to its franchise potential as the leading bank in Portugal.