Portugal: S&P up-grades Santander in Portugal’s long, short-term credit rating

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U.S. rating agency Standard & Poor’s has raised bank Santander’s long and short-term credit rating in Portugal, the bank said on Monday.

S&P raised Santander’s short-term rating to A-2 (“investment grade”) and its long-term rating to BBB, the statement added.

Santander’s ratings are the highest among banks assessed in Portugal, which during the crisis remained focused on the “reduction of strong exposure to non-performing loans,” while Santander can “strengthen” its commercial and financial profiles “even further,” according to the note.

Santander’s rating comes after Portugal’s rating was raised from BBB- to BBB in a note released on Friday.