Portuguese bank strikes back over Fitch downgrade

Banco Espirito Santo (BES), one of Portugal’s five largest banks, has ended its agreement with Fitch after the ratings agency downgraded it again yesterday, according to the Financial Times.

Fitch had downgraded BES three notches in little more than three months, but BES says there is insufficient justification for the decisions, despite the fact Portuguese banks rely on the European Central Bank for funding.

Fitch also downgraded Portuguese lender Millennium BCP, which criticised its decision, and two other Portuguese banks, the report says.