“Morningstar DBRS has upgraded the credit rating of Banco Comercial Português, including the ‘long-purpose issuer rating’ from ‘BBB’ (‘high’) to ‘A’ (‘low’),” as stated in the recently released statement.
The agency also decided to raise the credit rating of the bank’s long-term deposits from “A” (‘low’) to “A”.
This decision, according to DBRS, takes into account the current legal framework in Portugal, which grants preference to depositors in insolvency and bank resolution processes.
DBRS also confirmed the short-term issuer rating and the credit rating of short-term deposits at “R-1” (‘low’).
