DBRS: BCP’ s Sr Notes Gteed by Portugal Confirmed at BBB (low), Trend Changed to Stable

DBRS Ratings Limited (DBRS) has today confirmed the BBB (low) long-term rating of the Senior Notes Guaranteed by the Republic of Portugal issued by Banco Comercial Português, S.A. (BCP or the Group). The trend on this rating is revised to Stable from Negative.

This rating action follows DBRS’s action in confirming the BBB (low) rating of the Republic of Portugal and changing its trend to Stable on May 23, 2014. Today’s rating action does not impact the other ratings of BCP, including its Non-Guaranteed Senior Long-Term Debt & Deposit rating, which remains at BBB (low), with a Negative trend.

Notes:
All figures in Euros (EUR) unless otherwise noted.

The principal applicable methodology is the Global Methodology for Rating Banks and Banking Organisations. Other methodologies used include the DBRS Criteria: Support Assessment for Banks and Banking Organisations and DBRS Criteria: Rating Bank Capital Securities – Subordinated, Hybrid, Preferred & Contingent Capital Securities. These can be found at: http://www.dbrs.com/about/methodologies

The sources of information used for this rating include company documents, Bank of Portugal and SNL Financial. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

DBRS does not audit the information it receives in connection with the rating process, and it does not and cannot independently verify that information in every instance.

Generally, the conditions that lead to the assignment of a Negative or Positive Trend are resolved within a twelve month period. DBRS’s outlooks and ratings are under regular surveillance.

For further information on DBRS historic default rates published by the European Securities and Markets Administration (“ESMA”) in a central repository, see:
http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Ratings assigned by DBRS Ratings Limited are subject to EU regulations only.

Lead Analyst: Rui Croca
Rating Committee Chair: Elisabeth Rudman
Initial Rating Date: June 10, 2011
Most Recent Rating Update: June 28, 2013

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For additional information on this rating, please refer to the linking document located at: http://www.dbrs.com/research/236983/banks-and-banking-organisations-linking-document.pdf

Information regarding DBRS ratings, including definitions, policies and methodologies are available on www.dbrs.com.