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Rating Action:

Moody's affirms debt and deposit ratings of 7 Portuguese banks further to sovereign upgrade

26 May 2014

Madrid, May 26, 2014 -- Moody's Investors Service has today affirmed the debt and deposit ratings and the corresponding outlooks of 7 Portuguese banks. These rating actions follow the upgrade of the government bond ratings of Portugal to Ba2 and review for further upgrade, implemented on 9 May 2014 (for further details please see "Moody's upgrades Portugal's government bond rating to Ba2 and places rating on review for further upgrade"; https://www.moodys.com/research/PR_298839).

The debt and deposit ratings of the following banks have been affirmed:

(i) Caixa Geral de Depositos, S.A. (CGD): long-and short-term senior debt and deposit ratings affirmed at Ba3/Not-Prime with a negative outlook

(ii) Banco Comercial Portugues, S.A. (BCP): affirmed at B1/NP with a negative outlook

(iii) Banco Espirito Santo, S.A. (BES): affirmed at Ba3/NP with a negative outlook

(iv) Banco BPI S.A. (BPI): affirmed at Ba3/NP with a stable outlook

(v) Banco Santander Totta S.A. (BST): affirmed at Ba1/NP with a stable outlook

(vi) Caixa Economica Montepio Geral (Montepio): affirmed at B2/NP with a negative outlook

(vii) BANIF-Banco Internacional do Funchal, S.A. (Banif): affirmed at Caa1/NP with a negative outlook

A list of affected ratings can be found at the end of this press release.

RATINGS RATIONALE

Today's rating action on Portuguese banks follows the recent upgrade of the Portuguese sovereign bond ratings.

Moody's believes that the likelihood of support from the government assigned to each bank remains materially unchanged, underpinning the affirmation of the supported ratings of Portuguese banks.

The affirmation of BES's debt and deposit ratings at Ba3/NP with a negative outlook incorporates the financial troubles and accounting irregularities identified for its indirect shareholder Espirito Santo International (ESI; unrated). Moody's will continue to monitor the situation closely to assess any potential impact on BES's standalone and debt and deposit ratings.

WHAT COULD CHANGE THE RATINGS UP/DOWN

The upward pressure on the sovereign rating is unlikely to result in similar upward pressure on the banks' ratings, given their relatively weak intrinsic financial strength and ongoing downward pressure stemming mostly from a weak profitability and still high asset quality challenges. The current uplift due to systemic support also incorporates the availability of EUR6.4 billion in the government's recapitalisation facility fund (prefunded by the Troika) to inject into the banks should further support be needed.

Any downward pressure on the banks' standalone ratings is likely going to result in downward pressure on the debt and deposit ratings as well.

Outlook Actions:

....Outlook, Stable

..Issuer: Banco BPI Cayman Ltd

..Issuer: Banco BPI S.A.

..Issuer: Banco BPI S.A. (Cayman)

..Issuer: Banco BPI S.A. (Madeira)

..Issuer: Banco BPI S.A. (Santa Maria)

..Issuer: Banco Santander Totta S.A.

..Issuer: Banco Santander Totta S.A., London

..Issuer: BPI Capital Finance Ltd.

....Outlook, Negative

..Issuer: Banco Comercial Portugues, S.A.

..Issuer: Banco Comercial Portugues, SA, Macao Br

..Issuer: Banco Espirito Santo S.A., London Branch

..Issuer: Banco Espirito Santo S.A., Luxembourg Branch

..Issuer: Banco Espirito Santo, S.A.

..Issuer: Banco Espirito Santo, S.A., Madeira Branch

..Issuer: Banco Espirito Santo, S.A., Cayman Branch

..Issuer: BANIF-Banco Internacional do Funchal, S.A.

..Issuer: BCP Finance Bank, Ltd.

..Issuer: BES Finance Ltd.

..Issuer: Caixa Economica Montepio Geral

..Issuer: Caixa Economica Montepio Geral, Cay. Is. Br.

..Issuer: Caixa Geral de Depositos Finance

..Issuer: Caixa Geral de Depositos, S.A.

..Issuer: Caixa Geral de Depositos, S.A. (Madeira)

..Issuer: Caixa Geral de Depositos, S.A. (Paris)

..Issuer: Caixa Geral de Depositos/New York

..Issuer: Espirito Santo Investment plc

....Outlook, No Outlook

..Issuer: Banco Comercial Portugues, SA, Madeira

..Issuer: Caixa Geral de Depositos, S.A. (London)

..Issuer: CGD NORTH AMERICA FINANCE LLC

..Issuer: TOTTA (IRELAND) p.l.c.

Affirmations:

..Issuer: Banco BPI Cayman Ltd

....Multiple Seniority Medium-Term Note Program, Affirmed (P)NP

....Multiple Seniority Medium-Term Note Program, Affirmed (P)Ba3

....Senior Unsecured Commercial Paper, Affirmed NP

..Issuer: Banco BPI S.A.

.... Issuer Rating, Affirmed Ba3

.... Deposit Rating, Affirmed NP

....Multiple Seniority Medium-Term Note Program, Affirmed (P)NP

....Multiple Seniority Medium-Term Note Program, Affirmed (P)Ba3

....Senior Unsecured Regular Bond/Debenture, Affirmed Ba3

....Senior Unsecured Deposit Rating, Affirmed Ba3

..Issuer: Banco BPI S.A. (Cayman)

....Multiple Seniority Medium-Term Note Program, Affirmed (P)NP

....Multiple Seniority Medium-Term Note Program, Affirmed (P)Ba3

....Senior Unsecured Regular Bond/Debenture, Affirmed Ba3

..Issuer: Banco BPI S.A. (Madeira)

....Multiple Seniority Medium-Term Note Program, Affirmed (P)NP

....Multiple Seniority Medium-Term Note Program, Affirmed (P)Ba3

..Issuer: Banco BPI S.A. (Santa Maria)

....Multiple Seniority Medium-Term Note Program, Affirmed (P)NP

....Multiple Seniority Medium-Term Note Program, Affirmed (P)Ba3

..Issuer: Banco Comercial Portugues, S.A.

.... Deposit Rating, Affirmed NP

....Multiple Seniority Medium-Term Note Program, Affirmed (P)B1

....Multiple Seniority Medium-Term Note Program, Affirmed (P)NP

....Senior Unsecured Regular Bond/Debenture, Affirmed B1

....Senior Unsecured Deposit Rating, Affirmed B1

..Issuer: Banco Comercial Portugues, SA, Macao Br

.... Deposit Rating, Affirmed NP

....Multiple Seniority Medium-Term Note Program, Affirmed (P)B1

....Multiple Seniority Medium-Term Note Program, Affirmed (P)NP

....Senior Unsecured Deposit Rating, Affirmed B1

..Issuer: Banco Comercial Portugues, SA, Madeira

....Senior Unsecured Commercial Paper, Affirmed NP

..Issuer: Banco Espirito Santo S.A., London Branch

.... Deposit Rating, Affirmed NP

....Multiple Seniority Medium-Term Note Program, Affirmed (P)NP

....Multiple Seniority Medium-Term Note Program, Affirmed (P)Ba3

....Senior Unsecured Deposit Program, Affirmed NP

....Senior Unsecured Commercial Paper, Affirmed NP

....Senior Unsecured Regular Bond/Debenture, Affirmed Ba3

....Senior Unsecured Deposit Rating, Affirmed Ba3

..Issuer: Banco Espirito Santo S.A., Luxembourg Branch

.... Deposit Rating, Affirmed NP

....Multiple Seniority Medium-Term Note Program, Affirmed (P)NP

....Multiple Seniority Medium-Term Note Program, Affirmed (P)Ba3

....Senior Unsecured Regular Bond/Debenture, Affirmed Ba3

....Senior Unsecured Deposit Rating, Affirmed Ba3

..Issuer: Banco Espirito Santo, S.A.

.... Deposit Rating, Affirmed NP

....Multiple Seniority Medium-Term Note Program, Affirmed (P)NP

....Multiple Seniority Medium-Term Note Program, Affirmed (P)Ba3

....Senior Unsecured Commercial Paper, Affirmed NP

....Senior Unsecured Regular Bond/Debenture, Affirmed Ba3

....Senior Unsecured Deposit Rating, Affirmed Ba3

..Issuer: Banco Espirito Santo, S.A., Madeira Branch

.... Deposit Rating, Affirmed NP

....Multiple Seniority Medium-Term Note Program, Affirmed (P)NP

....Multiple Seniority Medium-Term Note Program, Affirmed (P)Ba3

....Senior Unsecured Deposit Program, Affirmed NP

....Senior Unsecured Commercial Paper, Affirmed NP

....Senior Unsecured Deposit Rating, Affirmed Ba3

..Issuer: Banco Espirito Santo, S.A., Cayman Branch

.... Deposit Rating, Affirmed NP

....Multiple Seniority Medium-Term Note Program, Affirmed (P)NP

....Multiple Seniority Medium-Term Note Program, Affirmed (P)Ba3

....Senior Unsecured Commercial Paper, Affirmed NP

....Senior Unsecured Deposit Rating, Affirmed Ba3

..Issuer: Banco Santander Totta S.A.

.... Deposit Rating, Affirmed NP

....Multiple Seniority Medium-Term Note Program, Affirmed (P)NP

....Multiple Seniority Medium-Term Note Program, Affirmed (P)Ba1

....Senior Unsecured Commercial Paper, Affirmed NP

....Senior Unsecured Regular Bond/Debenture, Affirmed Ba1

....Senior Unsecured Deposit Rating, Affirmed Ba1

..Issuer: Banco Santander Totta S.A., London

....Multiple Seniority Medium-Term Note Program, Affirmed (P)NP

....Multiple Seniority Medium-Term Note Program, Affirmed (P)Ba1

..Issuer: BANIF-Banco Internacional do Funchal, S.A.

.... Deposit Rating, Affirmed NP

....Senior Unsecured Regular Bond/Debenture, Affirmed Caa1

....Senior Unsecured Deposit Rating, Affirmed Caa1

..Issuer: BCP Finance Bank, Ltd.

....Multiple Seniority Medium-Term Note Program, Affirmed (P)B1

....Multiple Seniority Medium-Term Note Program, Affirmed (P)NP

....Senior Unsecured Commercial Paper, Affirmed NP

....Senior Unsecured Regular Bond/Debenture, Affirmed B1

..Issuer: BES Finance Ltd.

....Multiple Seniority Medium-Term Note Program, Affirmed (P)NP

....Multiple Seniority Medium-Term Note Program, Affirmed (P)Ba3

....Senior Unsecured Conv./Exch. Bond/Debenture, Affirmed Ba3

....Senior Unsecured Regular Bond/Debenture, Affirmed Ba3

..Issuer: BPI Capital Finance Ltd.

....Multiple Seniority Medium-Term Note Program, Affirmed (P)NP

....Multiple Seniority Medium-Term Note Program, Affirmed (P)Ba3

..Issuer: Caixa Economica Montepio Geral

.... Deposit Rating, Affirmed NP

....Multiple Seniority Medium-Term Note Program, Affirmed (P)B2

....Multiple Seniority Medium-Term Note Program, Affirmed (P)NP

....Senior Unsecured Regular Bond/Debenture, Affirmed B2

....Senior Unsecured Deposit Rating, Affirmed B2

..Issuer: Caixa Economica Montepio Geral, Cay. Is. Br.

....Multiple Seniority Medium-Term Note Program, Affirmed (P)B2

....Multiple Seniority Medium-Term Note Program, Affirmed (P)NP

....Senior Unsecured Regular Bond/Debenture, Affirmed B2

..Issuer: Caixa Geral de Depositos Finance

....Multiple Seniority Medium-Term Note Program, Affirmed (P)NP

....Multiple Seniority Medium-Term Note Program, Affirmed (P)Ba3

....Senior Unsecured Commercial Paper, Affirmed NP

..Issuer: Caixa Geral de Depositos, S.A.

.... Deposit Rating, Affirmed NP

....Multiple Seniority Medium-Term Note Program, Affirmed (P)NP

....Multiple Seniority Medium-Term Note Program, Affirmed (P)Ba3

....Senior Unsecured Commercial Paper, Affirmed NP

....Senior Unsecured Regular Bond/Debenture, Affirmed Ba3

....Senior Unsecured Deposit Rating, Affirmed Ba3

..Issuer: Caixa Geral de Depositos, S.A. (London)

....Senior Unsecured Commercial Paper, Affirmed NP

..Issuer: Caixa Geral de Depositos, S.A. (Madeira)

....Multiple Seniority Medium-Term Note Program, Affirmed (P)NP

....Multiple Seniority Medium-Term Note Program, Affirmed (P)Ba3

....Senior Unsecured Commercial Paper, Affirmed NP

..Issuer: Caixa Geral de Depositos, S.A. (Paris)

....Multiple Seniority Medium-Term Note Program, Affirmed (P)NP

....Multiple Seniority Medium-Term Note Program, Affirmed (P)Ba3

....Senior Unsecured Commercial Paper, Affirmed NP

....Senior Unsecured Regular Bond/Debenture, Affirmed Ba3

..Issuer: Caixa Geral de Depositos/New York

....Senior Unsecured Deposit Rating, Affirmed Ba3

..Issuer: CGD NORTH AMERICA FINANCE LLC

....Senior Unsecured Commercial Paper, Affirmed NP

..Issuer: Espirito Santo Investment plc

....Multiple Seniority Medium-Term Note Program, Affirmed (P)NP

....Multiple Seniority Medium-Term Note Program, Affirmed (P)Ba3

..Issuer: TOTTA (IRELAND) p.l.c.

....Senior Unsecured Commercial Paper, Affirmed NP

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global Banks published in May 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Maria Jose Mori
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service Espana, S.A.
Calle Principe de Vergara, 131, 6 Planta
Madrid 28002
Spain
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Johannes Felix Wassenberg
MD - Banking
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Espana, S.A.
Calle Principe de Vergara, 131, 6 Planta
Madrid 28002
Spain
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's affirms debt and deposit ratings of 7 Portuguese banks further to sovereign upgrade
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