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S&P revises outlook on Millennium BCP to positive

S&P Global Ratings on Oct. 10 revised the outlook on the long-term issuer credit rating of Millennium BCP, or Banco Comercial Português SA, to positive from stable, while affirming the rating at BB.

The agency also affirmed the bank's B short-term issuer credit rating and BBB-/A-3 long- and short-term resolution counterparty ratings.

The Portuguese bank's ratings reflect the improvements in its domestic profitability, preservation of its enhanced capitalization and the cleanup of its balance sheet, the agency said. The bank is also expected to grow its domestic returns despite the "lower for longer" interest rates environment in Europe, Ratings said.

The agency also noted that the bank remains more efficient than its domestic and international peers with a cost-to-income ratio of 47% at the end of June 2019, compared to an average of 58% for its peer group at 2018-end.

Ratings also affirmed the BB senior unsecured debt rating of Cayman Islands-based BCP Finance Bank Ltd. BCP Finance acts as an overseas finance vehicle of Banco Commercial Portuguese Group.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.