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Article: Moody's cuts ratings of four Portuguese banks.
- Article from:
- ADP Debt News
- Article date:
- September 18, 2009
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(ADPnews) - Sep 18, 2009 - Moody's yesterday said it had downgraded the rating of Portuguese banks Caixa Geral de Depositos (CGD), Millennium bcp (ELI:BCP), Banco Espirito Santo (ELI:BES) and Montepio.
CGD's long-term rating was reduced to Aa2 from Aa1 with a "negative" outlook. The bank financial strength rating (BFSR) was also downgraded to C- from C. The state bank has low levels of profitability, Moody's said. The historically low indicators of assets quality have recently deteriorated even more, the rating agency added.
A significant deterioration in the quality of the assets portfolio was booked by BCP, as well. As a result, its long-term rating ...