Moody’s improves rating of seven national banks
Portugal Resident
Moody’s has improved its rating of seven Portuguese banks (CGD, Millennium BCP, Santander Totta, Novo Banco, BPI, Montepio Geral and Crédito Agrícola Mútuo), also increasing the macroeconomic profile of the country from ‘strong-’ to ‘strong’. With regard to the banks, the new rating means that the ‘probability’ of any of them needing extraordinary support to avoid default has reduced by one level. Said Moody’s in a statement: “Financing conditions have improved in light of Portugal’s stable economic growth, with real Gross Domestic Product (GDP) growth forecast at 1.8% for 2024 and 1.9% for 2025, well above the European average.”
The post Moody’s improves rating of seven national banks appeared first on Portugal Resident written by Natasha Donn
