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Espirito Santo Among Five Portugal Lenders Cut by Moody’s

Banco Espirito Santo SA was among five banks in Portugal to have credit ratings cut by Moody’s Investors Service, which cited asset risks and a “poor economic outlook” in a nation whose own grade was reduced last month.

Espirito Santo, Portugal’s largest publicly traded bank by market value, had its debt rating lowered one level to Ba3, Moody’s said yesterday in a statement. It took the same action for Caixa Geral de Depositos SA and Banco BPI SA. Banco Internacional do Funchal was downgraded to B1 from Ba3.