Moody’s downgraded nine Portuguese banks by one or two notches this (Friday) morning, concluding a review initiated in June after Portugal was downgraded from Baa1 to Ba2, outlook negative, by the rating agency.

The banks affected were: Caixa Geral de Depósitos, cut from Ba1 to Ba2; Banco Comercial Português, from Ba1 to Ba3; Banco Espírito Santo, from Ba1 to Ba2; Banco BPI, from Baa3 to Ba2; Banco Santander Totta, from Baa1 to Baa2; Caixa Económica Montepio Geral, from Ba2 to Ba3; Banco Internacional do Funchal (Banif), from Ba2 to Ba3; Espírito Santo Financial Group, from Ba2 to B1; and Banco Português de Negocios (BPN), from B1 to B3.

All of the banks, except BPN, are on negative outlook. BPN has a developing outlook.