European Banks Downgraded :::: Moodys

Moody's Investors Service has today downgraded the debt ratings of seven Portuguese banks.

Today's rating actions were triggered by the downgrade of the rating of the Republic of Portugal to Ba2 from Baa1 last week.

The following banks have been downgraded:
 
(i) Caixa Geral de Depositos ("CGD"): long-and short-term senior unsecured debt and deposit ratings were downgraded to Ba1/Not-Prime from Baa1/Prime-2.

(ii) Banco Espirito Santo ("BES"): downgraded to Ba1/NP from Baa2/P-2.

(iii) Espirito Santo Financial Group ("ESFG"): downgraded to Ba2/NP from Baa1/P-2.

(iv) Banco Comercial Portugues ("BCP"): downgraded to Ba1/NP from Baa3/P-3.

(v) Banco BPI ("BPI"): downgraded to Baa3/P-3 from Baa2/P-2.

(vi) Banco Santander Totta ("BST"): downgraded to Baa1/P-2 from A3/P-2; BST's standalone BFSR downgraded to D+/Baa3 from C-/Baa2.

(vii) Caixa Economica Montepio Geral ("Montepio"): downgraded to Ba2/NP from Ba1/NP.