Fitch improves bank BCP’s rating to BB with stable outlook

  • ECO News
  • 6 December 2018

The agency informed the Portuguese Markets Regulator, CMVM, that it would improve the Portuguese bank's rating to BB.

Rating agency Fitch on Thursday improved Portuguese bank BCP’s long-term rating from BB- to BB, with a stable outlook, according to a statement from the bank sent to the Portuguese Securities Market Commission (CMVM).

“The Viability Rating was also upgraded from bb- to bb, reflecting BCC’s stronger ‘fundamentals’ resulting in particular from an improvement in operational profitability and significant progress in the reduction of non-performing assets,” the statement reads.

Several alterations to ratings of banks in Portugal have been announced in recent days, with Moody’s maintaining its ratings of Portuguese banks but downgrading several prospects to negative due to the “implementation of a new legal framework” which gives preference to depositors over investors in cases of bank resolution.