...Institutional Support Drives IDRs: Banco BPI S.A.'s IDRs reflect a high probability of support from its ultimate parent, CaixaBank, S.A. (BBB/Positive), in case of need. The Positive Outlook mirrors that on CaixaBank's rating. Fitch Ratings believes Portugal is a strategically important market for CaixaBank, as demonstrated by its longstanding investment in Banco BPI and its involvement in the design and implementation of its subsidiary's strategic objectives. Restructuring Progress Underpins VR: Banco BPI's Viability Rating (VR) reflects the strengthening of the bank's regulatory capital ratios and the progress made in implementing its restructuring plan. The VR also takes into account Banco BPI's stronger asset quality and funding profile than most domestic peers but still modest earnings generation. The VR also factors in the bank's adequate retail franchise in a small economy such as Portugal. Better-Than-Peers Asset Quality: Banco BPI's asset quality metrics are materially stronger...
