Fitch fired by Portugese bank

One of Portugal’s biggest banks fired credit-rating agency Fitch yesterday after it was downgraded for the second time since July. Banco Espirito Santo told the stock market the move from an A rating to BBB+ did “not reflect the financial soundness of the bank”, which it said was in a “strong position…to face current challenges”. Millennium BCP, another Portugese bank that has endured numerous downgrades said yesterday that Fitch’s treatment of the banks “does not reflect the results of the Portuguese banks in the Stress Tests carried out by the CEBS [Europe’s banking supervisor]”.