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Bond Market News
Banco Comercial Português Upgraded to BBB+
December 1, 2025
Banco Comercial Português (BCP) was upgraded to BBB+ from BBB with a positive outlook. The upgrade reflects BCP’s consistent improvement in its financial profile, driven by significant progress in portfolio derisking and stabilization of its core business model. Specifically, Fitch cited structurally enhanced core profitability and internal capital generation, underpinned by a reduction in the impaired loans ratio. Furthermore, the bank has contained revenue pressure and seen an abatement of legal costs related to its Polish operations. Fitch also considered a revision of the Portuguese operating environment which it believes could provide BCP with better domestic growth opportunities due to its strong market franchise. The positive outlook indicates Fitch’s view that the bank’s business profile, asset quality, and capacity for internal capital generation are likely to improve further. This assumes BCP successfully continues to execute its strategic growth plan and resolves the remaining legacy risks tied to Polish foreign-currency mortgage loans.
BCP’s bonds were trading stable with its 3.125% 2029s at 101.1, yielding 2.7%.
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