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Moody's upgrades Banco BPI, revises outlook

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Moody's upgrades Banco BPI, revises outlook

Moody's on Dec. 7 upgraded Banco BPI SA's long- and short-term deposit ratings to Baa3/Prime-3 from Ba3/Not Prime and senior unsecured debt rating to Ba1 from Ba3, and revised the outlook on the long-term ratings to positive from stable.

The rating agency also upgraded the lender's baseline and adjusted baseline credit assessments to "ba3" and "ba2," respectively, from "b1" and "ba3," and long- and short-term counterparty risk assessments to Baa3(cr)/Prime-3(cr) from Ba1(cr)/Not Prime (cr).

The actions on Banco BPI were driven by improved financial fundamentals after its takeover by Spain-based CaixaBank SA as majority shareholder, and the Portuguese bank's ongoing closer integration into the Spanish group.

The positive outlook on the bank's long-term ratings signals upward pressure that could develop on the ratings should the current positive trends on its financial fundamentals consolidate during the outlook period, Moody's noted.