Fitch Ratings has reviewed BOV's support rating downwards from two to five.

The bank said in a statement the support rating evaluated the likelihood that a bank would receive extraordinary support in case of need.

Such support typically came from the national authorities of the country where the bank was domiciled.

Fitch’s action, the bank said, did not reflect any concern about the ability or willingness of the government to support financial institutions, but rather reflected the agency’s opinion that recent regulatory initiatives reduced the likelihood of sovereign support for commercial banks worldwide.

The bank also pointed out that Fitch's action did not in any way affect BOV’s long-term credit rating of BBB+ with a stable outlook.