Banco Comercial Português S.A. Covered Bonds (Obrigações Hipotecárias - Mortgages): Surveillance Report

On 6 March 2020, DBRS Ratings GmbH (DBRS Morningstar) confirmed its “A” ratings on the Obrigações Hipotecárias (OH; the Portuguese legislative Covered Bonds) issued under the Banco Comercial Português (BCP or the Issuer) EUR 12.5 billion Covered Bonds programme (the Programme). The confirmation followed the completion of a full review of the ratings. There are five series of OH outstanding under the Programme totalling a nominal amount of EUR 8.2 billion, while the aggregate balance of mortgages in the CP was EUR 11.67 billion as of December 2019, yielding a current OC ratio of 42.4%. The Issuer has publicly committed to maintain an OC level of 14.0%.