Portuguese Banks- BES (to BBB+), BCP (to BBB+), BPI (to A-) and Banif (to BBB-)
- all cut by one notch by Fitch. Outlooks are negative. Reflects the risks from
reliance on ECB as well as deterioration in domestic performance and asset
quality. The ECB funding reliance did actually fall in September from August to
EUR41bn from EUR50bn, but seemingly not enough for prevent Fitch cutting in a
well-timed action.
BES followed the downgrade with a response saying it has terminated its contract
with Fitch. BES says the downgrade had "no valid justification for 3 notches of
downgrade in less than 4 months". It further re-iterates that its net ECB
reliance has reduced since June, now standing at EUR4.3bn
Banco Espirito Santo, S.A. provides commercial banking products and services in Portugal and internationally. Its retail banking products and services include mortgage loans, consumer credits, financing, demand and term deposits, retirement plans and other insurance products, account management and electronic payment services, investment funds, and brokerage and custodian services. The company’s corporate and institutional banking products and services comprise discounted bills, leasing and factoring services, short and long term loans, custodian services, letters of credit, and electronic payment management services. It also offers private banking products and services consisting of deposits, discretionary management services, investment funds, custodian services, brokerage services, and insurance products. In addition, the company provides investment banking services, such as advisory, mergers and acquisitions, restructuring and debt consolidation, initial public offering, and brokerage services; and offers asset management services for investment funds, real estate funds, and pension funds, as well as provides discretionary management and portfolio management services. Further, it offers international commercial banking products, such as deposit, credit, leveraged finance, structured trade finance, and project finance products, as well as invests in capital markets instruments. The company primarily operates approximately 705 branches in Portugal; and various branches in London, New York, Spain, Nassau, the Cayman Islands, Cape Verde, and the Madeira Free Zone, as well as operates 12 representation offices. Banco Espirito Santo, S.A. was founded in 1869 and is headquartered in Lisbon, Portugal.
(ma scenderà ancora ? mah !)
