Caixa Ecónomica Montepio Geral Covered Bonds (Obrigações Hipotecárias - Mortgages - CPT): Surveillance Report

On 16 July 2020, DBRS Morningstar downgraded its ratings on the Portuguese legislative covered bonds issued under Caixa Económica Montepio Geral Conditional Pass-Through Covered Bonds programme to BBB (high). The downgrade followed DBRS Morningstar’s downgrade to Banco Montepio’s Long-Term Issuer Rating to B from BB on 15 July 2020. For insight beyond the ratings, see the surveillance report.