Moody's Investors Service has today taken rating actions on Portuguese banks, involving downgrades by one or two notches of the senior debt and deposit ratings of nine banks and downgrades by one or two notches of the standalone ratings of six of these banks. All of the banks' ratings carry a negative outlook with the exception of Banco Portugues de Negocios (BPN), which has a developing outlook on all of its ratings. Today's rating actions conclude the review for downgrade initiated on 15 July 2011, following the downgrade of the Republic of Portugal to Ba2, outlook negative, from Baa1. The key driver for the ... (full story)