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DBRS revises trend on Novo Banco to stable from negative

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DBRS revises trend on Novo Banco to stable from negative

DBRS on Dec. 20 confirmed Novo Banco SA's senior long-term debt and deposits rating at CCC (high) and changed the trend to stable from negative.

The rating agency also confirmed the Portuguese bank's long- and short-term critical obligations ratings at BB (low)/R-4 and revised the trend on the long-term rating to stable from negative. The lender's short-term rating was confirmed at R-5 with a stable trend.

The trend revision reflects DBRS' view of a material reduction in the risks faced by Novo Banco, an improvement in investor confidence in the bank and good progress with regard to the requirements of its restructuring plan. DBRS noted that as Banco Espírito Santo SA has entered liquidation, another transfer of senior bonds from Novo Banco to its predecessor is highly unlikely.

DBRS believes investor confidence in Novo Banco will continue to improve when its sale is completed, expected in January 2017.