OREANDA-NEWS. September 07, 2015.  Fitch Ratings has affirmed Banco BPI S.A. (BPI, BB/Stable/B) mortgage covered bonds' (Obrigacoes Hipotecarias) rating at 'BBB' with a Stable Outlook. Fitch has subsequently withdrawn the rating.

KEY RATING DRIVERS
The 'BBB' rating was based on BPI's Long-term Issuer Default Rating (IDR) of 'BB', an unchanged IDR uplift of 0, an unchanged Discontinuity Cap of 0 (full discontinuity risk) and the 32.5% committed overcollateralisation (OC) that Fitch takes into account in its analysis, which provides more protection than the 24% 'BBB' breakeven OC. The Stable Outlook on the covered bonds rating reflected that on BPI's IDR.

Fitch has chosen to withdraw the rating on BPI's OH programme for commercial reasons. Fitch will no longer provide rating or analytical coverage of this mortgage covered bond programme.

RATING SENSITIVITIES
Not applicable