We anticipate that Portuguese banks will maintain solid profitability and better efficiency than peers over the next two years while keeping underwriting standards under control amid further loan expansion. While the economy remains supportive, the persistent rise in housing prices is a risk, particularly due to the increasing barriers it creates to housing affordability. We revised our industry risk trend for the Portuguese banking sector to positive from stable. We revised to positive from stable our outlook on Banco Comercial Portugues and affirmed our ratings on the bank. We also affirmed our ratings on Caixa Geral de Depositos S.A., Banco Santander Totta S.A., Banco BPI S.A., and Haitong Bank S.A. MADRID (S&P Global Ratings) Oct. 28, 2026--S&P Global Ratings today
