Standard & Poor’s upgraded public sector covered bonds issued by Banco BPI from BB- to BBB- on Friday and then withdrew the rating as well as the BBB+ rating of the Portuguese bank’s mortgage covered bonds.

The rating agency upgraded by three notches the Portuguese public sector covered bonds (obrigações sobre o sector público) after reviewing their rating in light of updated criteria for rating single-jurisdiction securitisations above the foreign currency rating and revised covered bond criteria. It also affirmed the rating of the mortgage covered bonds (obrigações hipotecarias) upon implementation of the revised covered bonds criteria.

S&P said it is withdrawing the ratings at the issuer’s request.