Banco Comercial Portugues

Capital/Financing Update • Dec 13, 2024

13 December 2024

Banco Comercial Português, S.A. informs about the upgrade of senior debt ratings by Fitch Ratings

Banco Comercial Português, S.A. ("BCP" or "Bank") informs that Fitch Ratings upgraded BCP's longterm senior unsecured debt ratings from BBB- to BBB, following the upgrade of the long-term Issuer Default Rating (IDR) from BBB- to BBB and the Viability Rating (VR) from bbb- to bbb. having maintained the Positive Outlook

The upward review of BCP`s rating by Fitch Ratings reflects a better assessment of the bank's capitalization and funding profile. Fitch within the scope of the review took also into consideration the upgrade of the Portuguese operating environment from bbb to bbb+ as it should result in better growth opportunities for BCP due to its strong domestic franchise.

The Positive Outlook reflects Fitch view that BCP's business profile, profitability and internal capital generation should structurally improve if the Bank successfully executes its new strategic plan and resolves legacy risks related to Polish foreign-currency mortgage loans.

Fitch Ratings also raised the ratings on BCP's Additional Tier 1 and Tier 2 instruments by one notch.

End of announcement Banco Comercial Português, S.A.

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