Fitch ups Banco Comercial Portugues

Fitch Ratings said it upgraded Banco Comercial Portugues, SA's long-term issuer default rating to BBB- from BB+.

“The upgrade reflects our view that the bank's capital ratios have increased to adequate levels compatible with the higher ratings. This has been supported by materially stronger profitability given higher interest rates, strong cost efficiency and a balance sheet with reduced credit risks. The upgrade also reflects reduced risks surrounding litigation costs coming from its Polish subsidiary (Bank Millennium SA; BB/positive) in relation to legacy Swiss franc-denominated mortgage loans,” Fitch said in a press release.

The outlook is stable.

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