Millennium bcp http://www.alacrastore.com/company-snapshot/Millennium_bcp-2560306 Sunday, September 07, 2008 7:15:55 PM 2560306 Millennium bcp en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/666302spcred/666302normThe latest Summary from S&Pglobalstructured8/20/2008 8:25:55 AM175Summary666302PortugalDiversified BanksAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceFinancial InstitutionsAsset-Backed SecuritiesResidential MBSSummaryThe ratings on Portugal's Banco Comercial Português, S.A. (Millennium bcp) reflect its dominant market position and strong, resilient domestic franchise; increasing geographic diversification; good domestic asset quality; and good but weakened operating profitability. They also factor in the bank's more aggressive capital management than peers', burdensome pension commitments, potential weaknesses in corporate governance, high single-name concentration, and the higher credit risk profile of its international operations. Millennium bcp enjoys a leading franchise in Portugal, which offers pricing power and opportunities for cross selling and cost streamlining. This solid domestic position--remarkable for an institution incorporated only in 1985--has enabled the bank to expand selectively abroad, enhancing geographic diversification. The strong franchise proved resistant in 2007 in the face of shareholder disputes,PRT05947940101010 401010 4010 40Banco Comercial Portugues, S.A.118431ASIAEMERGINGEUROMIDAFRLATAMERICAUSABCP@PLSUMMARYGLOBISSSTRUCFIABSRMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/72161cs/72161norm Banco Comercial Portugues #Q## Tearsheet After a destabilizing year in ####, BCP at one point had one of the lowest Core Tier # ratios among the European banks we follow. A €#.# bln rights issue has brought the ratio back to just...72161537YesC21Tearsheet1286tearsheets/premium358/5/2008 12:05:00 PM15072161Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/72265cs/72265norm Euro Financial Movers: Changing From Crunch To Grind Fears over structured credit market write-downs are starting to abate, thanks to Credit Suisse, but an old-fashioned grind through asset quality problems is already taking over, as...407/28/2008 12:06:00 AM150The new-fangled crunch in structured credit may be abating for those without big monoline exposures, but a grind through old-fashioned credit and equity slumps is already starting, as we saw in Spain and the insurance sector last week.722651328YesD0Article6201143357373370360356517128612046553761664119921622161corp193419278711861643572265Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/spcred/384631spcred/384631normThe latest Full Report from S&Pglobalpubfinstructured7/18/2008 3:04:00 AM400Full Report384631PortugalDiversified BanksAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinancePublic FinanceAsset-Backed Commercial PaperAsset-Backed SecuritiesCommercial MBSResidential MBSCollateralized Debt ObligationsCorporationsFinancial InstitutionsInsuranceUtilitiesElectricFull ReportDominant market position in Portugal and diversified business profile; Strong management, backed by a successful track record; Robust earnings power; Sound domestic asset quality; and Demonstrated resilience during the economic downturn. Track record of tight capital management; Market risk exposure through the portfolio of equity holdings, and indirectly through pension obligations; Higher risk profile of its foreign operations (Poland and Greece, in particular), compared with that of its domestic operations; and High private sector leverage and rapid credit expansion prior to the downturn. The ratings on Banco Comercial Português S.A. (Millennium bcp) reflect the bank's dominant market position in Portugal, diversified business profile, skilled management, and strong and resilient earnings power. They also factor in its track record of tightPRT05947940101010 401010 4010 40Banco Comercial Portugues, S.A.118431ASIAEMERGINGEUROMIDAFRLATAMERICAUSABCP@PLFULLESPNLDPRTITA00083G059568N0264LT8257B00077Q00078J00078U0007W0E15819N002A3N02636N026EVT8249V00077D00077T00079F00080Q46115HN0264AN0264DN0265SN0260140203010 402030 4020 4040101010 401010 4010 4055101010 551010 5510 5540203020 402030 4020 4040201020 402010 4020 4040301030 403010 4030 40Banco de Sabadell S.A.Intesa Sanpaolo SpAMillennium bcp Investimento - Banco Comercial de Investimento, S.A.Eureko B.V.EDP - Energias de Portugal, S.A.Seguros e Pensoes GERE S.G.P.S. S.A.ABN AMRO Bank N.V.126451300021308109325207337597338976102647EUROMIDAFRLATAMERICAASIAPACUSAEMERGINGSAB@SMISP@IM1061Z@PL1255Z@NAEDP@PL1077Z@PL1054Z@NAGLOBISSSTRUCPUBFINABCPABSCMBSRMBSCDOCORPFIINSUTILElectricCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/71339cs/71339norm Euro Financial Movers: Downward Drift It was a relatively quiet week in terms of newsflow, pervaded once again by fears that there is worse to come Banks such as Deutsche and UBS tried to reassure the market about their #Q## results...178911913881286128732935538612241304corp193164416781009535464060Financial Movers7/7/2008 12:05:58 AM150Banks scramble to reassure the market that their 2Q08 results will not be as bad as feared...with limited success713391482YesD0Article80719241677367178771339Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/70626cs/70626norm Euro Financial Movers: Moving Closer To Home Fears over US structured credit are being replaced by concerns about the impact on banks of slowing economies in  Europe, in particular from falling property markets Despite unusually high...706261015YesD0Article8073661304178935636032936512863551224357corp193164424781009546403560Financial Movers6/16/2008 12:05:31 AM150It was a volatile week for several European banks as opinions fluctuated regarding economic downturns, property markets and the need for capital raising.70626Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/70020cs/70020norm Basel #: Euro Bank Ratios for #Q## - Clear as Mud We publish an updated European Bank Capital Model spreadsheet, including all available figures for #Q##. Where possible, this is based on Basel # data, although there are still a few...700201489YesD0Article1787120312363591789377192480735638935860962032912251216448370388360364371366362655167712871199128635712768063671224355373975386369corp161931925872495100146154186102243558Bank Capital Models14Regulatory Matters6/2/2008 11:05:00 PM150An update of our Bank Capital Model, to mark the first time that Basel 2 ratios have become available for the majority of the coverage universe. But levels of detail vary enormously, and regulators are still fixing the goalposts.70020Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/spcred/649247spcred/649247normThe latest Full Report from S&Pglobalstructured5/20/2008 8:19:11 AM400Full Report649247PortugalDiversified BanksAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceFinancial InstitutionsAsset-Backed SecuritiesFull ReportDominant market position and strong, resilient franchise in Portugal Increasing geographic diversification Sound domestic asset quality Good recurrent operating profitability, supported by strong earnings power Demonstrated resilience under difficult economic conditions Marginally adequate capital position that is weaker than European peers' and is further undermined by large pension obligations Potential weaknesses in corporate governance practices Extremely high single-name concentration Foreign operations' higher risk profile The ratings reflect Banco Comercial Português, S.A.'s (Millennium bcp) dominant market position and strong, resilient franchise in Portugal; increasing geographic diversification; sound domestic asset quality; and good operating profitability. They also factor in the bank's more aggressive capital management than that of peers, its burdensome pension commitments, potential weaknesses in its corporate governance practices (currently underPRT05947940101010 401010 4010 40Banco Comercial Portugues, S.A.118431ASIAEMERGINGEUROMIDAFRLATAMERICAUSABCP@PLFULLPOL40101010 401010 4010 40Bank Millennium Capital Group (Unsolicited Ratings)330574EMERGINGEUROMIDAFRBIG@PWGLOBISSSTRUCFIABSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/649248spcred/649248normThe latest Summary from S&Pglobalstructured5/20/2008 8:19:11 AM175Summary649248PortugalDiversified BanksAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceFinancial InstitutionsAsset-Backed SecuritiesSummaryThe ratings reflect Banco Comercial Português, S.A.'s (Millennium bcp) dominant market position and strong, resilient franchise in Portugal; increasing geographic diversification; sound domestic asset quality; and good operating profitability. They also factor in the bank's more aggressive capital management than that of peers, its burdensome pension commitments, potential weaknesses in its corporate governance practices (currently under investigation by supervisory authorities), high single-name concentration, and the higher credit risk profile of its international operations. Millennium bcp enjoys a leading franchise in Portugal, which, in addition to pricing power, offers attractive opportunities for cross selling and cost streamlining. This solid domestic position is remarkable for an institution that was incorporated only in 1985, and has enabled the bank to expand selectively abroad,PRT05947940101010 401010 4010 40Banco Comercial Portugues, S.A.118431ASIAEMERGINGEUROMIDAFRLATAMERICAUSABCP@PLSUMMARYGLOBISSSTRUCFIABSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/fitch/419938_pr_framefitch/419938_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Millennium bcp803599865/9/2008 10:19:33 AM010101000101070085Press ReleaseBCP419938_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/419694_pr_framefitch/419694_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Banco BPIBanco Espirito Santo SA (BES)Caixa Geral de Depositos, S.A.Millennium bcpSantander Totta SGPS80359695803596998035998680360115817456695/7/2008 10:18:00 AM010101000101070085Press ReleaseBCPBESBPI419694_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/spcred/645299spcred/645299normThe latest News from S&Pglobalstructured4/29/2008 8:18:48 AM100News645299PortugalDiversified BanksAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceFinancial InstitutionsAsset-Backed SecuritiesNewsMADRID (Standard&Poor's) April 29, 2008--Standard&Poor's Ratings Services said today that it has revised its outlook on Banco Comercial Português, S.A. (Millennium bcp) to stable from negative. At the same time, we affirmed our 'A/A-1' long- and short-term counterparty credit ratings on the bank. "The outlook revision reflects our view that the bank has finally regained stability after a turbulent 2007, and following the appointment of a new management team that enjoys support from the majority of shareholders," said Standard&Poor's credit analyst Elena Iparraguire. "In addition, we are confident that this new team--a mix of executives from Millennium bcp and Caixa Geral de Depósitos--will successfully implement its now somewhat more conservative strategy and attain itsPRT05947940101010 401010 4010 40Banco Comercial Portugues, S.A.118431ASIAEMERGINGEUROMIDAFRLATAMERICAUSABCP@PLNEWSGLOBISSSTRUCFIABSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/645300spcred/645300normThe latest Research Update from S&Pglobalstructured4/29/2008 8:18:48 AM175Research Update645300PortugalDiversified BanksAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceFinancial InstitutionsAsset-Backed SecuritiesResearch UpdateOn April 29, 2008, Standard&Poor's Ratings Services revised its outlook on Banco Comercial Português, S.A. (Millennium bcp) to stable from negative. At the same time, we affirmed our 'A/A-1' long- and short-term counterparty credit ratings on the bank. The outlook revision reflects our view that the bank has finally regained stability after a turbulent 2007 and the appointment of a new management team. In addition, we are confident that this new team (a mix of executives from Millennium bcp and Caixa Geral de Depósitos) will successfully implement its now somewhat more conservative strategy and attain its financial targets, thereby strengthening the bank's financial profile. The ratings reflect Millennium bcp's dominant market position and strong, resilient franchise in Portugal;PRT05947940101010 401010 4010 40Banco Comercial Portugues, S.A.118431ASIAEMERGINGEUROMIDAFRLATAMERICAUSABCP@PLRESUPDGLOBISSSTRUCFIABSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/68148cs/68148norm Euro Bank Capital: The Cost of Keeping Up With The Goodwins RBS has raised the bar for minimum Core Tier # ratios across Europe to #% Using our bank capital model, we list the other banks that fall short of that threshold, and analyse...681481242YesD0Article389356366167736012161203388655127638612861224357corp1867841021001616446354/22/2008 12:07:00 PM150RBS raised the bar in Europe by setting a 6% minimum for its Core Tier 1 ratio. If all others in our bank capital model universe that fall below 6% were to follow suit, we estimate they would need to raise more than €17 bln in aggregate.68148Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/68059cs/68059norm Euro Financial Movers: Will They Earn, Shrink or Issue Their Way Out? All eyes are on RBS and whether it announces a rights issue this week. However, with the ABN acquisition to digest, it is not a typical case, and we continue to...680591716YesD0Article3603641286corp47216440354/21/2008 12:06:50 AM150With all eyes on RBS and a potential rights issue, it is worth remembering that it is not a typical case, and balance sheet management will play out in many different ways across Europe. 1Q earnings should prove more interesting than usual.68059Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/67769cs/67769norm Euro Financial Movers: Capital Blood, Sweat and Tears In a quiet week for fundamental newsflow, we published our updated Bank Capital Model It includes a database that breaks down the capital components of ## banks, an improved M&A...677691325YesD0Article16773893563861286corp41021616440354/13/2008 2:07:01 PM150In a relatively quiet week between earnings seasons, we focus on the broader question of capital - including the output from our updated Bank Capital Model, and some thoughts on the topical issue of step-ups being called or not.67769Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/67659cs/67659norm European Bank Capital Model: In Basel Limbo We update our Bank Capital Model and M&A Calculator with end-#### data Tier # ratios declined in ####, but there is little evidence so far of much systemic strain on capital from sub-prime...676594300YesD0Article12033771787359178980780619243583566096203293891216370388360364371367357122436636212761286128711996553559753693861677373corp1641921931861001029572781541641462458463558Bank Capital Models4/9/2008 10:05:00 PM150Updating our model for end-2007 provides scant evidence of a systemic capital crunch. Average Tier 1 ratios are down 50 bps from the previous year, but Basel 2 is coming and many banks stand to benefit, although few have given details yet.67659Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/moodys/PBC_103863moodys/PBC_103863pdf...Headquartered in Porto, Portugal, Banc o Comercial Portugu s S.A. (BCP) was incorporated in May #### and is the lar gest private banking group in the country. Although its legal name has remained unchanged, commercially it was rebranded as Millennium bcp in ####. In December ####, the bank had over #.# million clients and ##,### employees in Portugal. BCP has operations in ## countries across Europe, Africa, America and Asia. Banco Comercial Portugu s and its subsidiaries across various countries (together, the Group) provide a comprehens ive range of financial services and products to individuals and corporates. The Group s activities are organised along six main segments Domestic Retail Banking, Corporate and Commercial Banking, Private Banking and Asset M anagement, Investment Banking, European Banking, and Overseas Banking. Its European operations beyond Portugal primarily comprise activities conducted through Bank Millennium and Millennium Bank in the markets of Poland... Company Profile3/30/2008 8:45:23 PMBanco Comercial Portugues, S.A.600008867550.0000SpecialReportpdfBanco Comercial Portugues, S.A.PBC_103863Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/cs/67024cs/67024norm European Financials CDS Tracker: Spring Tides We publish a new set of recommendations and review the three-month performance of the last series A lot of single names underperformed over the past few days, as their spreads failed to...670241947YesD0Article3773581203517359367373166535611433883297971216374389193920103604483641276361655128712861664376375365386355156236297516773573661199corp193724100781641461861610240463564CDS Relative Value Tracker3/26/2008 11:06:00 PM150Our regular three-monthly review of recommendations in five-year subordinated CDS - after the iTraxx roll to Series 9 and the post-Easter market reopening in Europe.67024Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/spcred/633259spcred/633259normThe latest News from S&P2/29/2008 8:31:07 AMNews100globalstructured633259PortugalInvestment Banking & BrokerageEurope, Middle East, AfricaGlobal IssuersStructured FinanceFinancial InstitutionsAsset-Backed SecuritiesNewsMADRID (Standard&Poor's) Feb. 29, 2008--Standard&Poor's Ratings Services said today that it has withdrawn its 'A' long-term and 'A-1' short-term counterparty credit ratings on Portugal-based Millennium bcp Investimento – Banco Comercial de Investimento, S.A. at the bank's request. The outlook on the long-term rating was negative at the time of the withdrawal. The 'A' long-term and 'A-1' short-term counterparty credit ratings on parent Banco Comercial Português, S.A. (Millennium bcp) are unchanged.PRT40203020 402030 4020 40Millennium bcp Investimento - Banco Comercial de Investimento, S.A.308109EUROMIDAFR1061Z@PLNEWSPRT05947940101010 401010 4010 40Banco Comercial Portugues, S.A.118431ASIAEMERGINGEUROMIDAFRLATAMERICAUSABCP@PLGLOBISSSTRUCFIABSCredit & Investment ResearchS&P Credit Research