Ratings agency Moody's has downgraded nine Portuguese banks, citing their exposure to government debt and a weak economic growth outlook.
Moody's downgraded Portugal to Ba2, with outlook negative in July. Battling to emerge from recession, the country received a 78 billion euro (£67.4 billion) bailout this year.
Moody's said it downgraded senior debt and deposit ratings and stand-alone ratings for Caixa Geral de Depositos, Banco Comercial Portugues, Banco Espirito Santo, Banco BPI, Banco Santander Totta, and Caixa Economica Montepio Geral.
It also downgraded the debt and deposit ratings for Banco Internacional do Funchal, Banco Portugues de Negocios and Espirito Santo Financial Group.
Moody's said only Banco Portugues de Negocios carried a positive outlook.