DBRS Morningstar Assigns BBB (low) rating, with a Stable Trend to CGD’s Senior Non-Preferred Debt

DBRS Ratings GmbH (DBRS) has assigned a rating of BBB (low) with a Stable trend to Caixa Geral de Depósitos, S.A. (CGD or the Bank) Senior Non-Preferred Debt. DBRS expects that any future issuance by CGD of Senior Non-Preferred Debt, under the Bank’s EUR 15 billion Euro Medium Term Note Programme would be rated at this level. The rating on CGD’s Senior Non-Preferred Debt is one notch below CGD’s ‘BBB’ Issuer Rating and Senior Debt rating.

For more details on DBRS’ rating approach see DBRS’s “Global Methodology for Rating Banks and Banking Organisations”, dated June 2019.

RATING DRIVERS
Any positive change in the Bank’s Intrinsic Assessment would have positive implications for the Senior Non-Preferred Debt rating. Similarly, any negative change in the Bank’s Intrinsic Assessment would have negative implications for the rating.

Notes:
All figures are in Euro unless otherwise noted.

The principal applicable methodology is the Global Methodology for Rating Banks and Banking Organisations (June 2019) This can be found can be found at: http://www.dbrs.com/about/methodologies

The sources of information used for this rating include Company documents. DBRS Morningstar considers the information available to it for the purposes of providing this rating to be of satisfactory quality.

DBRS Morningstar 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 Morningstar's outlooks and ratings are under regular surveillance

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

Ratings assigned by DBRS Ratings GmbH are subject to EU and US regulations only.

Lead Analyst: Nicola De Caro, Senior Vice President, Global FIG
Rating Committee Chair: Ross Abercromby, Managing Director - Global FIG
Initial Rating Date: February 23, 2011
Last Rating Date: October 3, 2019

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