Banco Comercial Português, S.A. informs about Deposit ratings upgrade by DBRS to investment grade
Banco Comercial Português, S.A. (“BCP”) informs that DBRS Ratings GmbH (DBRS) upgraded by one notch the long-term Deposits ratings. The long-term Deposits ratings is now positioned one notch above BCP’s Intrinsic Assessment at BBB (low), the first level of investment grade. Concurrently, DBRS also upgraded the short-term Deposits ratings of BCP to R-2 (middle). The Trend remains positive.
This action reflects the introduction in Portugal of full depositor preference in bank insolvency and resolution proceedings with the implementation of Portuguese Law No. 23/2019 from March 14, 2019. This Law also introduces a new class of debt, the Senior Non-Preferred Debt, that will rank below preferential Senior debt, but above Subordinated Debt.
End of announcement
Banco Comercial Português, S.A.
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