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PORTUGAL: MOODY'S DOWNGRADES BANCO PORTUGUES DE NEGOCIOS' BFSR TO E+ FROM D+.

Publication: IPR Strategic Business Information Database
Publication Date: 23-NOV-08
Format: Online
Delivery: Immediate Online Access

Article Excerpt
Moody's Investors Service today downgraded the bank financial strength rating (BFSR) of Banco Portugues de Negocios SA (BPN) to E+ from D+, concluding the review for downgrade on this rating that had been initiated on 4 November. The outlook on the BFSR is now negative. BPN's Baa3/Prime-3 local and foreign currency bank deposit and debt ratings remain on review with direction uncertain. Today's rating action follows the nationalisation of BPN on 11 November 2008...

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