S&P: Banco Comercial Portugues on positive watch

S&P said it placed the B+ long-term rating on Banco Comercial Portugues, SA on CreditWatch with positive implications.

The bank’s B short-term rating was affirmed, S&P said.

S&P also said it placed the senior and subordinated debt issue ratings on CreditWatch positive, but the D ratings on the preferred stock was unchanged.

The agency also said it revised to stable from positive the outlook on Haitong Bank SA and affirmed its BB- long-term and B short-term counterparty credit ratings.

S&P also said it placed Millennium bcp on CreditWatch after it announced a rights offering for €1.33 billion. If this is successful, the agency said it could improve the bank's creditworthiness.

Millennium intends to use the proceeds to pay back the still-outstanding €700 million in contingent convertible instruments subscribed by the Portuguese government back in 2012, the agency explained.

Millennium will use the remainder to strengthen its solvency, accelerating its original plans to organically reach a fully loaded common equity tier 1 (CET1) level at higher than 11% in 2018, S&P said.

The outlook revision reflects a view of the difficulties ahead for the Portuguese banking industry, the agency said.

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