Fitch “downgrades” rating on four Portuguese banks

Ratings agency Fitch has downgraded four Portuguese banks – BPI, Banif, BCP and Montepio – on the basis that new European legislation makes it less likely that financial institutions will receive State support. Thus BCP’s long-term debt has been downgraded from BB+ to BB-, BPI’s from BB+ to BB, Montepio’s from B+ to BB and Banif from BB to B-. As to outlook, Fitch pegged the banks as “stable”, with BPI “positive”.