S&P Global Ratings on March 18 upgraded the issuer credit ratings and resolution counterparty ratings of Banco Santander Totta SA and Banco BPI SA and unit Banco Português de Investimento SA to BBB/A-2 from BBB-/A-3.

The outlook on the three Portugal-based banks is stable.

The upgrades, which follow a similar action on Portugal's sovereign credit ratings on March 15, reflect the higher sovereign ratings allowing the agency to incorporate more parental support into the ratings of the lenders.

Banco Santander SA is the parent of Banco Santander Totta while CaixaBank SA is the ultimate parent of Banco BPI and Banco Português de Investimento.

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.