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 [...]