Moody’s cuts Novo Banco senior ahead of ‘distressed exchange’

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Moody’s cuts Novo Banco senior ahead of ‘distressed exchange’

Bank_of_Portugal_PA_230x150
Main building of Banco de Portugal (Portugal's central bank) in Lisbon, Portugal, photographed on 14 August 2016. Photo: Joao Almeida/dpa | João Almeida/DPA/PA Images

Moody’s has downgraded Novo Banco’s long-term senior debt ratings, with the ratings agency describing the Portuguese bank’s proposed liability management exercise as a ‘distressed exchange’.

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