Fitch Revises Caixa Geral de Depositos & Caixa-Banco de Investimento's Outlook to Stable.LONDON -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has today revised the Rating Outlook of Caixa Geral de Depositos (CGD CGD Chronic granulomatous disease, see there ) and its subsidiary Caixa-Banco de Investimento (Caixa-BI) to Stable from Negative. The revision to the Outlooks follows today's revision in the Outlook for the Republic of Portugal's Sovereign rating to Stable from Negative. (see Fitch RAC See remote access concentrator. on the Republic of Portugal on www.fitchratings.com). CGD's ratings were affirmed at Issuer Default Rating (IDR IDR In currencies, this is the abbreviation for the Indonesian Rupiah. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) 'AA-' (AA minus), short-term 'F1+', Individual 'B' and Support '1'. CGD's Rating Outlook reflects its state ownership and its strong franchise. The bank's Support Rating Floor of 'AA-' (AA minus) remains unchanged. Caixa-BI's ratings were affirmed at IDR 'AA-' (AA minus), short-term 'F1+' and Support '1'. Caixa-BI's IDR is in line with its parent's and Fitch believes that Caixa-BI cannot be viewed as an independent entity and therefore an Individual rating is not assigned. CGD became a limited company in 1993, but it remains wholly owned by the Portuguese state. It is the parent of one of Portugal's leading financial groups and market leader in deposits (around 30% market share) and residential mortgages (around 34%, ignoring securitised loans). Its subsidiaries offer a broad range of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , including insurance through Fidelidade-Mundial and Imperio-Bonanca, asset management, leasing and factoring. In addition, CGD owns 99.7% of Caixa-BI, which operates as the group's investment banking arm and is responsible for corporate finance and capital markets activities. Reports on those entities are available on the agency's subscription website, www.fitchresearch.com. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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