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Fitch acts on Portugal's Caixa Económica Montepio Geral

Feb 28, 2019 - SNL European Financials Daily

Fitch Ratings on Feb. 26 downgraded Caixa Económica Montepio Geral caixa económica bancária SA's long-term senior unsecured debt ratings to B- from B+.

The rating agency also downgraded the Portuguese lender's recovery rating to RR6 from RR4 and removed the rating, along with the long-term senior unsecured debt rating, from Rating Watch Negative. The bank's other ratings were not affected.

The downgrade of the long-term rating is based on the rating agency's view that recovery pro...