DBRS Morningstar Discontinues BCP Finance Bank, Ltd.’s Credit Ratings, Rating of Notes Unchanged

DBRS Ratings GmbH (DBRS Morningstar) transferred the senior notes (ISIN code XS0188950488) (the Notes) and its rating of BBB (low) from BCP Finance Bank, Ltd. to Banco Comercial Português, S.A (BCP) as a result of the issuer's substitution announced on November 15, 2023. Since the issue date of the Notes, BCP has acted as the guarantor of the Notes. Following the substitution, the Noteholders will have direct recourse to BCP as the new issuer. The outstanding rating on the notes with ISIN code XS0188950488 can be found under the Issuer page of Banco Comercial Português, S.A. on DBRSMorningstar.com.

Subsequently, DBRS Morningstar discontinued and withdrew the ratings of BCP Finance Bank, Ltd.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/416784/dbrs-morningstar-criteria-approach-to-environmental-social-and-governance-risk-factors-in-credit-ratings (4 July 2023).

Notes:
All figures are in EUR unless otherwise noted.

The principal methodology is the Global Methodology for Rating Banks and Banking Organisations, https://www.dbrsmorningstar.com/research/415978/global-methodology-for-rating-banks-and-banking-organisations (22 June 2023). In addition DBRS Morningstar uses the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings, https://www.dbrsmorningstar.com/research/416784/dbrs-morningstar-criteria-approach-to-environmental-social-and-governance-risk-factors-in-credit-ratings (4 July 2023), in its consideration of ESG factors.

The credit rating methodologies used in the analysis of this transaction can be found at: https://www.dbrsmorningstar.com/about/methodologies.

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

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

The conditions that lead to the assignment of a Negative or Positive trend are generally resolved within a 12-month period. DBRS Morningstar's outlooks and credit 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: https://registers.esma.europa.eu/cerep-publication. For further information on DBRS Morningstar historical default rates published by the Financial Conduct Authority (FCA) in a central repository, see https://data.fca.org.uk/#/ceres/craStats.

This rating is endorsed by DBRS Ratings Limited for use in the United Kingdom.

Lead Analyst: Nicola De Caro, Senior Vice President – Global FIG
Rating Committee Chair: Elisabeth Rudman, Managing Director, Head of Global FIG
Initial Rating Date: June 28, 2011
Last Rating Date: May 24, 2023

DBRS Ratings GmbH
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Tel. +49 (69) 8088 3500
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Geschäftsführer: Detlef Scholz
Amtsgericht Frankfurt am Main, HRB 110259

For more information on this credit or on this industry, visit www.dbrsmorningstar.com.