Fitch Ratings on Oct. 11 upgraded the long- and short-term issuer default ratings of Portugal-based Banco BPI SA and unit Banco Português de Investimento SA to BBB/F2 from BBB-/F3, with a stable outlook on the long-term ratings.

The upgrade follows a similar action on Banco BPI's Spanish parent CaixaBank SA.

The agency also upgraded Banco BPI's long- and short-term senior unsecured debt to BBB/F2 from BBB-/F3 and affirmed the bank's support rating at 2. The bank's viability rating of "bb+" remained unaffected. The support rating of Banco Português de Investimento was also affirmed at 2.

The ratings reflect the agency's view that Banco BPI, being strategically important to CaixaBank, is highly likely to receive support from its ultimate parent in case of need.