S&P Global Ratings on April 7 affirmed Caixa Geral de Depósitos SA's long- and short-term counterparty credit ratings at BB-/B and assigned a positive outlook.

The ratings had been under CreditWatch with positive implications since Aug. 31, 2016.

The ratings are driven by the completion of the bank's €5 billion second-stage recapitalization, which allows the company to fully comply with its supervisory review and evaluation process requirements and to focus on its 2017-2020 strategic plan.

However, the company still faces challenges to turn around its weak profitability and manage down its nonperforming assets.

The ratings were subsequently withdrawn at the bank's request.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.