Madrid, April 20, 2016 -- Moody's Investors Service has taken the following rating actions on both mortgage and public sector covered bonds issued by Banco BPI S.A. (the issuer/Banco BPI) (deposits Ba3 on review uncertain; adjusted baseline credit assessment b1 on review uncertain; counterparty risk (CR) assessment Ba2(cr) on review uncertain), governed by the Portuguese covered bond legislation:

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