Fitch Ratings on April 26 put the BB long-term issuerdefault rating of Banco BPISA and unit BancoPortuguês de Investimento SA on Rating Watch Evolving.

The agency put on Rating Watch Positive Banco BPI's andBanco Português de Investimento's support ratings of 5 and 3, respectively, andtheir short-term issuer default ratings of B.

The ratings action follows 's announcement of avoluntary tenderoffer for all Banco BPI's outstanding shares.

The Rating Watch Evolving on Banco BPI's long-term issuerdefault rating reflects rating upside and downside potential depending onwhether the offer is successful or not. However,Fitch deems CaixaBank taking control of Banco BPI to be the most likelyscenario.

The rating agency also placed Banco BPI's viability ratingof "bb" on Rating Watch Negative.Meanwhile, the agency put the bank's BB senior unsecured debt rating on RatingWatch Evolving and its B senior unsecured short-term debt rating on RatingWatch Positive.