...Fitch expects the leading Portuguese banks to maintain a reasonable operating performance in 2009, although this will be highly dependent on the domestic and international economic environment, the extent of any deterioration in asset quality, higher funding costs and further writedowns of securities, although this is expected to be less significant this year. Economic conditions worsening in most countries and the ongoing dislocation of capital markets will make 2009 a difficult year. With the Portuguese economy in recession, the Portuguese leading banks will be challenged to continue managing their performance, asset quality, liquidity and capital base appropriately, and any failure to achieve this is likely to put pressure on the banks' ratings. Results Highlights ...
