Moody’s upgrades rating of six banks

Moody’s has upgraded the long-term deposit ratings of CGD, BCP, Santander Totta, Novo Banco, BPI and Montepio Geral and maintained that of Caixa de Crédito Agrícola, following the upgrade of Portugal’s rating. “Today’s actions on Portuguese banks took into account continued progress in the performance and financial fundamentals of several banks, in particular improved asset risk metrics, higher capital levels and strong profitability driven by higher interest rates,” Moody’s Investors Service said in a statement.