Lisbon, Jan. 9, 2025 (Lusa) - Fitch Ratings on Thursday ceased assigning a credit rating to Caixa Geral de Depósitos (CGD), Portugal's state savings bank, due to the "expiry of the contract" between the two entities, the bank said in a statement sent to the country's Securities Markets Commission (CMVM).

"Caixa Geral de Depósitos, S.A. informs that, on 9 January 2025 [today], Fitch Ratings ceased to assign a rating to Caixa due to the expiry of the contract," the statement reads.

In December, Fitch raised CGD's ratings, upgrading its deposits to A- and its grade as a long-term issuer to BBB+, with a stable outlook, the institution said at the time.

On Thursday, CGD recalled that it "continues to be rated by three agencies that currently give it the following assessment: Stand-Alone Credit Profile (SACP) of a- assigned by S&P Global Ratings, Baseline Credit Assessment (BCA) of a3 assigned by Moody's Ratings, and Intrinsic Assessment (IA) of A (low) assigned by Morningstar DBRS."

ALN/ARO // ARO.

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