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Moody's revises outlook on Millennium BCP's long-term ratings

Moody's on March 22 affirmed the long-term deposit and debt ratings of Millennium BCP and its supported entities at B1 and changed the outlook on the ratings to positive from stable.

The rating agency also affirmed the Portuguese bank's baseline and adjusted baseline credit assessments at "b2" and upgraded its long-term counterparty risk assessment to Ba1(cr) from Ba2(cr). The bank's short-term deposit ratings and counterparty risk assessment of Not Prime and Not Prime(cr), respectively, are unaffected.

The affirmations of the credit assessments reflect BCP's overall credit profile, namely its improved asset risk metrics and domestic profitability. Moody's noted that the bank still has a weak risk absorption capacity, while asset quality challenges remain significant.

The positive outlook reflects the positive pressure that could develop on the bank's debt and deposit ratings if it continues to reduce the stock of its problematic assets and improve its loss-absorption capacity over the outlook period.