DBRS Discontinues Ratings of Banco Popular Portugal S.A.

DBRS, Inc. (DBRS) has discontinued the ratings of Banco Popular Portugal S.A. (BP Portugal), including BP Portugal’s Long-Term Senior Debt rating of A (low) and Short-Term Debt rating of R-1 (low). BP Portugal has been merged with Banco Santander Totta, S.A. (Totta). With this merger, the outstanding debt of BP Portugal has been transferred to Totta.

DBRS’s ratings for Totta are not impacted by this merger. For Totta, DBRS has a Long-Term Issuer Rating of A (low) and a Short-Term Issuer Rating of R-1 (low). All ratings have a Stable trend.

Notes:
All figures are in EUR unless otherwise noted.

The applicable methodology is the Global Methodology for Rating Banks and Banking Organisations (May 2017), which can be found on our website under Methodologies.

The primary sources of information used for this rating include company documents. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

Lead Analyst: Lisa Kwasnowski, Senior Vice President - Global FIG
Rating Committee Chair: Ross Abercromby, Senior Vice President – Global FIG
Initial Rating Date: March 1, 2012
Most Recent Rating Update: December 7, 2017

The rated entity or its related entities did participate in the rating process. DBRS did have access to the accounts and other relevant internal documents of the rated entity or its related entities.

For more information on this credit or on this industry, visit www.dbrs.com.